ADA Price Prediction: Network News brings $0.400 Within Reach

Key Insights:

• ADA extended its winning streak to four sessions on Sunday, rising by 2.17% to end the day at $0.376.
• Network updates and a positive outlook for the Cardano network continued to support a move toward $0.400.
• The technical indicators are bullish, signaling a return to $0.400.

ADA rose by 2.17% on Sunday. Following a 0.82% gain on Saturday, ADA ended the week up 7.12% to $0.376. Notably, ADA revisited the $0.38 handle for the second time since November 8, with a new 2023 high of $0.387.

A mixed start to the day saw ADA fall to an early morning low of $0.363. Steering clear of the First Major Support Level (S1) at $0.357, ADA rallied to a late morning high of $0.387. ADA broke through the First Major Resistance Level (R1) at $0.380 before easing back. A late rally saw ADA break back through R1 to revisit $0.387 before easing back to end the day at $0.376.

Network Updates Continue to Drive ADA Toward $0.400

ADA bucked a bearish top-ten trend on Sunday. Following positive Input Output (HK) updates on Saturday, Flint Wallet delivered a bullish Sunday session.

On Sunday, Flint Wallet announced,

“We have been working on this for quite a while! Flint 2.0 is out! Why 2.0? What changed?

The goal of Flint is interoperability, so we are very excited to announce this big step:

“Milkomeda C1 tokens support is here.”

Flint Wallet went on to say,

“Next stop Milkomedia Smart Contracts and Paima Gaming.”

Flint Wallet is a Cardano-based wallet. The latest upgrade supports increased utilization of ADA. Currently, Flint Wallet supports ADA, ETH, and SOL. Flint allows users to manage crypto assets and access the world of DeFi.

Today, chatter on the algorithmic stablecoin launches will likely be a focal point along with other network-linked announcements.

ADA Price Action

This morning, ADA was down 1.33% to $0.371. A mixed start to the day saw ADA rise to an early high of $0.384 before falling to a low of $0.369.

Technical Indicators

ADA needs to move through the $0.375 pivot to test the First Major Resistance Level (R1) at $0.388 and the resistance at $0.390. A move through the morning high of $0.384 would signal a breakout session. However, Cardano updates and the broader crypto market would need to support a bullish session.

In the event of another breakout, ADA would likely test the Second Major Resistance Level (R2) at $0.399 and resistance at $0.400. The Third Major Resistance Level (R3) sits at $0.423.

Failure to move through the pivot ($0.375) would leave the First Major Support Level (S1) at $0.364 in play. Barring a broad-based crypto sell-off, ADA should avoid sub-$0.360 and the Second Major Support Level (S2) at $0.351. The Third Major Support Level (S3) sits at $0.327.

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

ADA sat above the 50-day EMA, currently at $0.352. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish signals.

A hold above S1 ($0.363) and the 50-day EMA ($0.352) would support a breakout from R1 ($0.388) to target R2 ($0.399) and $0.390. However, a fall through S1 ($0.364) would bring the 50-day EMA ($0.352) and S2 ($0.351) into view. A fall through the 50-day EMA would signal a shift in investor sentiment.