ADA Price Prediction: Bears Target Sub-$0.390 as NASDAQ Mini Falls

Key Insights:

• On Sunday, cardano (ADA) slid by 5.63% to end the day at $0.402.
• A broad-based crypto sell-off left ADA in the red for the day and down 0.99% for the week.
• The technical indicators are bearish, with ADA sitting at the 200-day EMA, bringing $0.350 into view.

On Sunday, ADA slid by 5.63%. Reversing a 0.95% gain from Saturday, ADA ended the week down 0.99% to $0.402. Notably, ADA avoided sub-$0.400 for the second consecutive session.

A mixed start to the day saw ADA rise to an early high of $0.431. Coming up short of the First Major Resistance Level (R1) at $0.435, ADA slid to a final-hour low of $0.401. ADA fell through the First Major Support Level (S1) at $0.418 and the Second Major Support Level (S2) at $0.411 to end the day at $0.402.

The bearish sentiment from the broader crypto market and disappointing Input Output HK (IOHK) updates left ADA in the red.

In the final hour (UTC), the NASDAQ Mini intensified the selling pressure, with a start of the week fall into negative territory.

Input Output HK Network Updates Bearish

It was a quiet Sunday session, with no material IOHK updates to draw investor interest. IOHK recirculated the weekly development update from Friday, which failed to provide price support.

Key statistics from the report included,

• 104 projects launched on Cardano, increasing by one from the previous week.
• Projects building on Cardano totaled 1,130, up by three from the previous week.
• 53.6 million transactions, up from 52.9 million.
• 6.6 million native tokens versus 6.5 million.
• 64,360 token policies, up from 63,865.

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 0.25% to $0.403. A mixed start to the day saw ADA fall to an early low of $0.401 before rising to a high of $0.410.

Technical Indicators

ADA needs to move through the $0.411 pivot to target the First Major Resistance Level (R1) at $0.422. A move through the morning high of $0.410 to $0.415 would signal a breakout session. However, ADA would also need the support of the broader market for a sustained rally.

In case of an extended rally, the bulls would likely take a run at the Second Major Resistance Level (R2) at $0.441. However, ADA would need to break down resistance at the Sunday high of $0.431. The Third Major Resistance Level (R3) sits at $0.471.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.392 in play. However, barring another extended sell-off, ADA should avoid sub-$0.390 and the Second Major Support Level at $0.381.

The Third Major Support Level (S3) sits at $0.351.

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

ADA sat at the 200-day, currently at $0.403. The 50-day EMA narrowed to the 200-day EMA, while the 100-day EMA pulled away from the 200-day EMA, delivering bearish signals.

A move through the 50-day EMA ($0.408) would support a breakout from R1 ($0.422) to bring R2 ($0.441) into view. However, a fall through the 200-day EMA ($0.403) and the 100-day EMA ($0.401) would give the bears a run at S1 ($0.392).