ADA Price Prediction: EMURGO Stablecoin Launch to Deliver $0.420

Key Insights:

• ADA fell by 1.75% on Sunday, with the bearish weekend seeing ADA visit sub-$0.390 for the first time in four sessions.
• There were no network updates to influence, leaving the broader crypto market to provide price direction.
• However, the technical indicators are bullish, supporting a return to $0.450.

ADA fell by 1.75% on Sunday. Following a 1.24% loss on Saturday, ADA ended the week down 1.51% to $0.392. ADA visited sub-$0.390 for the first time in four sessions.

After a mixed start to the day, ADA rose to a late morning high of $0.402. Coming up short of the First Major Resistance Level (R1) at $0.404, ADA slid to a late low of $0.382. ADA fell through the Major Support Levels before a move back through the Third Major Support Level (S3) at $0.385 to end the day at $0.392.

EMURGO Silence Leaves ADA in the Red

It was another quiet session on Sunday. There were no Input Output HK (IOHK) updates to provide direction, leaving ADA in the hands of the broader crypto market.

Following the launch of DJED last week, investors await updates from EMURGO on the launch of the USDA algorithmic stablecoin. The USDA launch should deliver another price leg up, with the upward trend in projects on the Cardano network and the upcoming Cardano hard fork also bullish events over the near term.

Today, investors need to monitor the crypto news wires for updates from EMURGO and Input Output HK (IOHK). However, radio silence will leave the broader crypto market to provide direction.

ADA Price Action

This morning, ADA was flat at $0.392. A choppy start to the day saw ADA rise to an early high of $0.403 before sliding back. The First Major Resistance Level (R1) at $0.402 capped the early upside.

Technical Indicators

ADA needs to avoid a fall through the $0.402 pivot to retarget the First Major Resistance Level (R1) at $0.402 and the morning high of $0.403. 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 $0.412. The Third Major Resistance Level (R3) sits at $0.432.

A fall through the pivot ($0.402) would bring the First Major Support Level (S1) at $0.382 into play. Barring another broad-based crypto sell-off, ADA should avoid sub-$0.380 and the Second Major Support Level (S2) at $0.372. The Third Major Support Level (S3) sits at $0.352.

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

ADA sat at the 50-day EMA, currently at $0.392. The 50-day EMA moved away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals.

A hold above the 50-day EMA ($0.392) would support a breakout from R1 ($0.402) to target R2 ($0.412). However, a fall through the 50-day EMA ($0.392) would give the bears a run at S1 ($0.382) and the 100-day EMA ($0.380). A fall through the 50-day EMA would send a bearish signal.