ADA Price Prediction: IOHK Weekly Update Leaves $0.320 in View

Key Insights:

• On Friday, cardano (ADA) fell to a new 2022 low of $0.330 before rebounding to end a three-day losing streak.
• Input Output HK network updates failed to impress, leaving the broader market to deliver much-needed price support.
• The technical indicators remain bearish, with ADA below the 50-day EMA to leave sub-$0.30 in play.

On Friday, ADA rose by 2.65%. Reversing a 2.86% gain from Thursday, ADA ended the day at $0.349. Notably, ADA fell to a new 2022 low of $0.330 and ended the session at sub-$0.40 for the eleventh consecutive session.

A bearish morning saw ADA slide to a new current-year low of $0.330. ADA fell through the First Major Support Level (S1) at $0.332 before rallying to a late high of $0.350. However, falling short of the First Major Resistance Level (R1) at $0.352, ADA fell back to sub-$0.350.

FOMC member chatter and comments from US Treasury Secretary Janet Yellen delivered support to ADA and the broader crypto market. The bullish sentiment muted the likely effects of Input Output HK network updates.

Input Output HK Weekly Update Delivers Little ADA Price Support

On Friday, Input Output HK (IOHK) released the Cardano Weekly Development Report for October 21. Project numbers failed to impress, with an influx of projects yet to materialize.

According to the latest report,

• 103 projects launched on Cardano, up by one from the previous week.
• 1,122 projects are building on Cardano, up by two 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.

While ADA tracked the broader crypto market on Friday, it has been a tough time for ADA investors. Since the Vasil hard fork, ADA has fallen in 20 of the last 28 sessions, leaving ADA down 23.8%. In contrast, the crypto market is down by 3.13%.

The latest shift in Fed chatter could support a recovery and divert investor attention away from the post-Vasil hard fork updates. However, Fed Chair Powell would need to take a less hawkish stance for a lasting influence on the crypto market.

ADA Price Action

This morning, ADA was down 0.29% to $0.348. A mixed start to the day saw ADA rise to an early high of $0.352 before falling to a low of $0.348.

Technical Indicators

ADA needs to avoid the $0.344 pivot to target the First Major Resistance Level (R1) at $0.356. However, ADA would need the support of the broader crypto market to break out from the morning high of $0.352.

In the case of a breakout session, ADA would likely test the Second Major Resistance Level (R2) at $0.363 and $0.370. The Third Major Resistance Level (R3) sits at $0.383.

A fall through the pivot would bring the First Major Support Level (S1) at $0.336 into play. However, barring an extended sell-off, ADA should avoid sub-$0.320. The Second Major Support Level at $0.323 should limit the downside. The Third Major Support Level (S3) sits at $0.303.

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

ADA sat below the 50-day, currently at $0.363. The 50-day EMA eased back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMAs, delivering bearish signals.

A move through R1 ($0.356) would give the bulls a run at R2 ($0.363) and the 50-day EMA ($0.363). The 200-day EMA sits at $0.407. However, failure to move through the 50-day EMA ($0.363) would leave ADA under pressure.