ADA Price Prediction: Bulls Eye Return to $0.43 to Target $0.45

Key Insights:

• On Saturday, cardano (ADA) rose by 0.95%, consolidating Friday’s 8.21% breakout session to end the day at $0.426.
• Investor sentiment towards the Fed continued to mute the effects of the disappointing network project numbers.
• However, the technical indicators are bullish, with ADA sitting above the 50-day EMA, bringing $0.450 into view.

On Saturday, ADA rose by 0.95%. Following an 8.21% rally on Friday, ADA ended the day at $0.426. Notably, ADA ended the day at the $0.42 handle for the second time since October 9.

A mixed start to the day saw ADA fall to an early low of $0.420 before making a move. Steering clear of the First Major Support Level (S1) at $0.398, ADA rallied to a late afternoon high of $0.437. However, coming up against the First Major Resistance Level (R1) at $0.436, ADA slipped back to end the session at sub-$0.43.

Crypto investor reaction to crypto-market-friendly US economic indicators spilled over to the Saturday session. However, the upside was limited, with Input Output HK (IOHK) network updates disappointing.

Input Output HK Network Updates Left to Influence

It was a quiet Saturday session, with no material IOHK updates to draw investor interest. The lack of network updates left Friday’s weekly development update to resonate.

On Friday, Input Output HK (IOHK) released the Weekly Development Report. Key statistics 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.

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.

However, despite the latest update, sentiment remains bullish, supporting ADA at current levels. Significantly, news of new projects launching on the Cardano ecosystem would give ADA another boost.

The late October news of Citaldoc completing its first ADA transaction on its telemedicine platform demonstrated the impact of adoption on investor buying appetite. The transaction news supported recovery from a 2022 low of $0.330 to the $0.400 handle.

ADA Price Action

This morning, ADA was down 0.23% to $0.425. A mixed start to the day saw ADA rise to an early high of $0.431 before falling to a low of $0.421.

Technical Indicators

ADA needs to move through the $0.428 pivot to retarget the First Major Resistance Level (R1) at $0.435. A return to $0.430 would signal a possible 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 $0.445 and $0.450. The Third Major Resistance Level (R3) sits at $0.462.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.418 in play. However, barring another extended sell-off, ADA should avoid sub-$0.415 and the Second Major Support Level at $0.411.

The Third Major Support Level (S3) sits at $0.394.

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

ADA sat above the 50-day, currently at $0.406. The 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA closing in on the 200-day EMA, delivering bullish signals.

A hold above the 50-day EMA ($0.401) would support a breakout from R1 ($0.435) to bring R2 ($0.445) and $0.450 into view. However, a fall through S1 ($0.418) would give the bears a run at S2 ($0.411) and the 50-day ($0.406).