ADA Price Prediction: Bulls Target $0.330 on Cardano-Related Updates
- On Friday, ADA rose by 1.27%. Reversing a 1.25% loss from Thursday, ADA ended the day at $0.319.
- US economic indicators delivered late support, despite the NASDAQ Composite Index ending the session in the red.
- The technical indicators turned more bullish, with ADA sitting at the 100-day EMA to bring $0.330 into play.
On Friday, ADA rose by 1.27%. Reversing a 1.25% loss from Thursday, ADA ended the day at $0.319.
A mixed start to the day saw ADA fall to an early morning low of $0.311. Finding support at the First Major Support Level (S1) at $0.312, ADA rallied to a late high of $0.320. ADA broke through the First Major Resistance Level (R1) at $0.319 before easing back to end the day at $0.319.
US Economic Indicators Support a Late Recovery
On Friday, ADA continued to track the broader crypto market. After a bearish start to the session, stemming from US economic indicators from Thursday and apprehension ahead of Friday’s US Jobs Report, market reaction to the US Jobs Report delivered a reversal of Thursday’s losses.
While the US Jobs Report showed a pickup in wage growth and a sizeable increase in nonfarm payrolls, the unemployment rate held steady at 3.7%.
Following Fed Chair Powell’s less hawkish comments from Wednesday, the numbers were good enough to support a broad-based crypto rebound from an initial pullback in response to the headline NFP and wage growth figures.
Input Output HK (IOHK) network updates continued taking a backseat, with investors transfixed on the Fed and the US economic outlook.
On Friday, IOHK released the weekly development report, with the statistics to date, including,
- 108 projects launched on the Cardano network, up by two from the previous week.
- Projects building on the Cardano network totaled 1,149, 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.
Other stats included 55.8 million total transactions (Previous Week (PW): 55.3m), 7.11 million tokens (PW: 6.9m), and 66,011 token policies (PW: 65,539).
IOHK also shared key highlights that included,
- Ongoing work on stake-driven data diffusion release.
- Lace desktop application testing.
- Creation of new Marlowe REST API endpoints.
- Addition of new Mithril features.
- Restart the Project Catalyst Town Halls.
However, investors appeared to take more interest in Cardano-related statistics this morning as the dust settled from Friday’s Jobs Report.
While the weekly update showed a modest increase in project numbers, there was no fall in projects. News of Orbis and Ardana halting developments had raised concerns that the collapse of FTX would impact project growth on the Cardano network.
Cardano NFT numbers were also ADA price bullish going into the weekend. According to Opencnft, volumes picked up on Friday, despite the bearish market conditions.
ADA Price Action
This morning, ADA was up 1.25% to $0.323. A bullish morning saw ADA rise from an early low of $0.317 to a high of $0.326. ADA broke through the First Major Resistance Level (R1) at $0.322 to test the Second Major Resistance Level (R2) at $0.326.
ADA needs to avoid the $0.319 pivot to retarget the Second Major Resistance Level (R2) at $0.326. A hold above R1 ($0.322) would signal a breakout session. However, ADA would need the broader market to support a breakout afternoon session.
In the event of an extended rally, the bulls will likely take a run at $0.330 and the Third Major Resistance Level (R3) at $0.335.
A fall through R1 and the pivot would bring the First Major Support Level (S1) at $0.313 into play. However, barring a risk-off-fueled sell-off, ADA should avoid sub-$0.310 and the Second Major Support Level (S2) at $0.308. The Third Major Support Level (S3) sits at $0.299.
This morning, the EMAs and the 4-hourly candlestick chart (below) sent a more bullish signal.
ADA sat at the 100-day EMA, currently at $0.322. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA eased back from the 200-day EMA, delivering mixed signals.
An ADA breakout from the 100-day EMA ($0.322) and R1 ($0.322) would give the bulls another run at R2 ($0.326). However, a fall through the 100-day and 50-day ($0.316) EMAs would support a fall through S1 ($0.313) to bring S2 ($0.308) into view.