ADA Price Prediction: Bulls Eye a Return to $0.50 after the Hard Fork
- On Thursday, cardano (ADA) rose by 4.33% to end the session at $0.458.
- Despite the successful hard fork of the Cardano mainnet, ADA trailed the crypto market front runners.
- The technical indicators are bearish, with ADA sitting below the 10-day EMA to leave sub-$0.40 in play.
On Thursday, ADA rallied by 4.33%. Reversing a 0.68% loss from Wednesday, ADA ended the day at $0.458.
A choppy start to the day saw a fall to an early low of $0.435 before making a move. Steering clear of the First Major Support Level (S1) at $0.4223, ADA rallied to a late high of $0.467. ADA broke through the First Major Resistance Level (R1) at $0.460 before ending the day at $0.458.
Market sentiment towards the Vasil hard fork and support from the broader crypto market delivered the bullish session.
The Cardano Mainnet Hard Fork Deploys Vasil Features
“We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with @CardanoStiftung, successfully hard forked the Cardano mainnet via an HFC event, thus deploying new #Vasil features to the chain.”
Input Output HK went on to say,
“The Vasil upgrade will bring significant performance & capability enhancements to #Cardano, from higher throughput capability via diffusion pipelining to a better developer experience with much-improved script performance, efficiency, & lower costs.”
With the Vasil upgrade now complete, the market will monitor the effectiveness of the enhancements and movement to the Cardano ecosystem to provide price direction.
ADA Price Action
This morning, ADA was up 0.22% to $0.459. A range-bound start to the Friday session saw ADA rise to an early high of $0.460 before easing back.
ADA needs to avoid the $0.453 pivot to target the First Major Resistance Level (R1) at $0.472. Post hard fork updates need to be positive to support a breakout from the Thursday high of $0.467.
In the case of an extended crypto rally, ADA could test resistance at $0.480 and the Second Major Resistance Level (R2) at $0.485. The Third Major Resistance Level (R3) sits at $0.517.
A fall through the pivot would bring the First Major Support Level (S1) at $0.440 into play. Barring an extended sell-off, ADA should avoid sub-$0.440 and the Second Major Support Level (S2) at $0.421. The Third Major Support Level (S3) sits at $0.389.
This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.
ADA sat below the 50-day, currently at $0.460. The 100-day EMA eased back from the 200-day EMA, while the 50-day EMA flattened on the 100-day EMAs, delivering mixed signals.
An ADA move through the 50-day EMA ($0.460) would give the bulls a run at the 100-day EMA ($0.468) and R1 ($0.472). The 200-day EMA sits at $0.475. However, failure to move through the 50-day EMA would leave ADA under pressure.