ADA Price Prediction: A Return to $0.325 to Bring $0.330 into Play
- On Saturday, ADA bucked the top ten trend, rising by 0.31% to end the day at $0.320.
- Cardano network updates and Cardono-related news delivered support as the broader market reacted further to the US Jobs Report.
- The technical indicators were more bullish, with ADA sitting above the 100-day EMA to bring sub-$0.330 into play.
On Saturday, ADA rose by 0.31%. Following a 1.27% gain on Friday, ADA ended the day at $0.320.
A mixed start to the day saw ADA fall to a mid-morning low of $0.317. Steering clear of the First Major Support Level (S1) at $0.313, ADA rallied to a mid-afternoon high of $0.326. ADA broke through the First Major Resistance Level (R1) at $0.322. However, coming up against the Second Major Resistance Level (R2) at $0.326, ADA fell back to end the day at $0.320.
Network News Delivers Support in a Bearish Backdrop
Market sentiment towards Friday’s US Jobs Report, inflation, and the manufacturing sector tested investor sentiment on Saturday. While Fed Chair Powell’s talk about a Fed pivot was crypto market positive, the US Jobs Report, elevated inflation, and a contraction in the US manufacturing sector were negatives.
However, while the broader crypto market saw losses on Saturday, network updates delivered ADA price support.
On Friday, IOHK released the weekly development report, with the statistics to date, including,
- 108 projects launched on the Cardano network, up by two from the previous week.
- Projects building on the Cardano network totaled 1,149, up by three from the previous week.
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.
Other stats included 55.8 million total transactions (PW: 55.3m), 7.11 million tokens (PW: 6.9m), and 66,011 token policies (PW: 65,539).
IOHK also shared key highlights that included,
- Ongoing work on stake-driven data diffusion release.
- Lace desktop application testing.
- Creation of new Marlowe REST API endpoints.
- Addition of new Mithril features.
- Restart the Project Catalyst Town Halls.
While the weekly update showed a modest increase in project numbers, there was no fall in projects. News of Orbis and Ardana halting developments had raised concerns that the collapse of FTX would impact project growth on the Cardano network.
Looking ahead, the planned launch of two stablecoins on the Cardano network remains ADA-positive.
Cardano NFT numbers were also ADA price bullish. According to Opencnft, volumes picked up in recent days, despite the bearish crypto market conditions.
ADA Price Action
This morning, ADA was up 0.94% to $0.323. A bullish morning saw ADA rise from an early low of $0.320 to a high of $0.324.
ADA needs to avoid the $0.321 pivot to retarget the First Major Resistance Level (R1) at $0.325 and the Saturday high of $0.326. A return to $0.326 would signal a breakout session. However, ADA would need the broader market to support a breakout afternoon session.
In the event of an extended rally, the bulls will likely take a run at the Second Major Resistance Level (R2) at $0.330. The Third Major Resistance Level (R3) sits at $0.339.
A fall through the pivot would bring the First Major Support Level (S1) at $0.316 into play. However, barring a risk-off-fueled sell-off, ADA should avoid sub-$0.315 and the Second Major Support Level (S2) at $0.312. The Third Major Support Level (S3) sits at $0.303.
This morning, the EMAs and the 4-hourly candlestick chart (below) sent a more bullish signal.
ADA sat above the 100-day EMA, currently at $0.322. The 50-day EMA narrowed to the 100-day EMA, with the 100-day EMA flattening on the 200-day EMA, delivering bullish signals.
An ADA breakout from R1 ($0.325) would give the bulls a run at R2 ($0.330). However, a fall through the 100-day EMA ($0.322) would bring the 50-day EMA ($0.317) and S1 ($0.316) into view.