ADA Price Prediction: A Return to $0.320 Would Support a Run at $0.330
- On Saturday, ADA ended the day flat, ending a two-day losing streak.
- Network updates and founder Charles Hoskinson failed to deliver Saturday support.
- The technical indicators remain bearish, with ADA sitting at the 50-day EMA, to leave sub-$0.300 in view.
Following a 0.63% decline on Friday, ADA ended Saturday flat at $0.314. Notably, ADA avoided sub-$0.300 for the fourth consecutive session.
A bullish start to the day saw ADA rise to an early morning high of $0.322. ADA broke through the First Major Resistance Level (R1) at $0.318. However, coming up short of the Second Major Resistance Level (R2) at $0.323, ADA fell to a late low of $0.311. Avoiding the First Major Support Level (S1) at $0.308, ADA bounced back to end the day at $0.314.
It was another quiet session, with the US Thanksgiving Holiday leading to a further decline in trading volumes. Despite falling volumes, network updates have prevented a price breakout. ADA fell short of $0.340 for a tenth consecutive session.
Founder Charles Hoskinson Addresses Ardana and Orbis Project News
In the wake of the FTX collapse, investors have become more sensitive to negative crypto news. This week, Ardana announced plans to halt its stablecoin development on the Cardano network. The Ardana announcement accompanied news of Orbis halting development.
On Friday, Cardano founder Charles Hoskinson posted a video to clarify the reasons behind Ardana and Orbis halting their projects.
“This was not a funding issue. This was not a platform issue. Looks like it was a leadership issue. Things happen, people sometimes don’t execute, people make mistakes, and usually, there’s something left behind for people to salvage from these situations. Good developers, good leaders, code something.”
Hoskinson went on to say,
“My hope is as the forensics work their way through that we as an ecosystem can discover what value if any has been produced.”
Despite the failings of Ardana and Orbis, Hoskinson continued to view a positive outlook for projects on the Cardano network.
On Friday, Input Output HK (IOHK) released the Cardano Weekly Development Update. According to the November 25 release, key stats include,
- 106 projects launched on Cardano (up by two since November 12).
- Projects building on Cardano totaled 1,146, up from 1,139 on November 12.
Before the Vasil hard fork, the number of projects launched on Cardano had stood at 98, with 1,100 projects building on the Cardano network.
ADA Price Action
This morning, ADA was up 0.32% to $0.315. A range-bound start to the day saw ADA rise to an early high of $0.316 before easing back.
ADA needs to move through the $0.316 pivot to target the First Major Resistance Level (R1) at $0.320. Avoiding sub-$0.315 and a return to $0.320 would signal a breakout session. Bullish crypto market sentiment would support a breakout from the early high.
In case of an extended rally, the Second Major Resistance Level (R2) at $0.327 and $0.330 would come into play. The Third Major Resistance Level (R3) sits at $0.338.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.309 in play. However, barring a broad-based crypto sell-off, ADA should avoid sub-$0.300. The Second Major Support Level (S2) at $0.305 should limit the downside. The Third Major Support Level (S3) sits at $0.294.
This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.
ADA sat at the 50-day, currently at $0.318. The 50-day EMA eased back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.
A breakout from the 50-day EMA ($0.318) would support a move through R1 ($0.320) to target R2 ($0.327) and the 100-day EMA ($0.330). However, failure to break out from the 50-day EMA would leave S1 ($0.309) in play. The 200-day EMA sits at $0.350.