ADA Price Prediction: Bulls Eye $0.410 on Network Upgrade Plans
- ADA fell by 1.24% on Saturday, with the bearish session ending a four-day winning streak.
- There were no network updates to provide direction, with silence on EMURGO’s USDA stablecoin launch, leaving ADA in the hands of the broader crypto market.
- However, the technical indicators are bullish, supporting a return to $0.450.
ADA fell by 1.24% on Saturday. Partially reversing a 1.51% gain from Friday, ADA ended the day at $0.399. ADA visited the $0.400 handle for the fifth consecutive session.
A bearish start to the day saw ADA fall to a mid-morning low of $0.398. Steering clear of the First Major Support Level (S1) at $0.397, ADA rose to an early afternoon high of $0.406. However, coming up short of the First Major Resistance Level (R1) at $0.409, ADA revisited the session low of $0.398 before ending the day at $0.399.
IOHK and EMURGO Silence Leaves ADA in the Red
It was a quiet Saturday session, with no network updates to provide direction. Following last week’s COTI launch of DJED, investors await updates on the planned launch of EMURGO’s USDA algorithmic stablecoin.
Radio silence left investors to lock in profits, with Input Output HK (IOHK) also silent at the start of the weekend. However, sentiment toward the Cardano network and the anticipated increase in ADA utilization remain tailwinds.
This month, there will be another Cardano hard fork. CIP-0049 will improve interoperability with other blockchains. The improved interoperability will provide developers with a secure environment to develop cross-chain DApps. The upgrade is another enhancement that should support a more bullish price outlook.
Today, network updates will provide direction, with investors looking out for the launch of the USDA stablecoin. However, a lack of network updates would leave the broader crypto market to provide price direction.
ADA Price Action
This morning, ADA was down 0.50% to $0.397. A bearish start to the day saw ADA fall from an early high of $0.400 to a low of $0.394. ADA fell through the First Major Support Level (S1) at $0.396 before finding support.
ADA needs to move through the $0.401 pivot to target the First Major Resistance Level (R1) at $0.404 and the Saturday high of $0.406. A return to $0.400 would support a bullish session. However, Cardano updates and the broader crypto market would need to provide support.
In the event of a breakout, ADA would likely test the Second Major Resistance Level (R2) at $0.409. The Third Major Resistance Level (R3) sits at $0.417.
Failure to move through the pivot ($0.401) would leave the First Major Support Level (S1) at $0.396 in play. Barring a broad-based crypto sell-off, ADA should avoid sub-$0.390. The Second Major Support Level (S2) at $0.393 should limit the downside. The Third Major Support Level (S3) sits at $0.385.
This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.
ADA sat above the 50-day EMA, currently at $0.392. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals.
A hold above the Major Support Levels and the 50-day EMA ($0.392) would support a breakout from R1 ($0.404) to target R2 ($0.409). However, a fall through S1 ($0.396) would give the bears a run at S2 ($0.393) and the 50-day EMA ($0.392). A fall through the 50-day EMA would send a bearish signal.