ADA Price Prediction – Bears Continue to Target October’s $0.350 Low

Key Insights:

• On Saturday, cardano (ADA) fell by 0.82%, extending its losing streak to six sessions.
• Bearish sentiment from the broader crypto market and the latest Input Output HK numbers left ADA in the red.
• The technical indicators remain bearish, with ADA below the 50-day EMA to leave sub-$0.30 in play.

On Saturday, ADA fell by 0.82%. Following a 2.65% slide on Friday, ADA ended the day at $0.364. Notably, ADA ended the session at sub-$0.40 for the fifth consecutive session and the fifth time since January 2021. ADA also extended its losing streak to six sessions.

A bullish start to the day saw ADA rise to an early morning high of $0.370. However, falling short of the First Major Resistance Level (R1) at $0.384, ADA fell to a late low of $0.361. Steering clear of the First Major Support Level (S1) at $0.356, ADA ended the session at $0.364.

Fed fear and the latest Input Output HK (IOHK) weekly development update continued to deliver ADA price pressure.

Fed Fear and Network Updates Deliver a Sixth Consecutive Daily Loss

The crypto market fell for a second consecutive session and for the eighth time in eleven sessions on Saturday. US economic indicators and market bets of 75-basis point Fed rate hikes in November and December have weighed on riskier assets.

Input Output HK updates have added to further downside ADA price pressure.

On Friday, Input Output HK shared the weekly development report as of October 14. Network highlights from the weekly development report included,

• Ongoing work on core technology improvements.
• Upcoming Daedalus release to resolve the min-fee calculation issue.
• 102 projects launched on Cardano, unchanged from the previous week.
• 1,120 projects are building on Cardano, 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.

Since the hard fork, the weekly updates have failed to impress, contributing to the slide to an October low of $0.350 on October 13. In September, Cardano founder Hoskinson talked about hundreds of projects considering the Cardano network after the mainnet hard fork.

ADA Price Action

This morning, ADA was up 0.55% to $0.366. A bullish start to the day saw ADA rise from an early low of $0.364 to a high of $0.368 before easing back.

Technical Indicators

ADA needs to avoid the $0.365 pivot to retarget the First Major Resistance Level (R1) at $0.369. However, following the latest IOHK weekly update, ADA would need broader market support to break out from the morning high of $0.368.

In the case of a breakout session, ADA would likely test the Second Major Resistance Level (R2) at $0.374 and resistance at $0.380. The Third Major Resistance Level (R3) sits at $0.383.

A fall through the pivot would bring the First Major Support Level (S1) at $0.360 into play. In the event of another extended sell-off, the Second Major Support Level at $0.356 and support at $0.350 should limit the downside. The Third Major Support Level (S3) sits at $0.347.

This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.

ADA sat below the 50-day, currently at $0.390. The 50-day EMA fell back from the 100-day EMA, with the 100-day EMA sliding back from the 200-day EMAs, delivering bearish signals.

A move through the Major Resistance Levels would give the bulls a run at the 50-day EMA ($0.390). The 200-day EMA sits at $0.429. However, failure to move through the 50-day EMA ($0.390) would leave ADA under pressure.