ADA Price Prediction: Network Updates Support a Return to $0.50

Key Insights:

• On Sunday, cardano (ADA) fell by 1.11%, ending the week down 0.45%.
• A bearish Sunday session left ADA in the red as investors grappled with the Fed and the global economic outlook.
• The technical indicators are bearish. With ADA sitting below the 50-day EMA, sub-$0.40 remains in play.

On Sunday, ADA fell by 1.11%. Reversing a 0.87% gain from Saturday, ADA ended the week down 0.45% to $0.446.

A bullish start saw ADA strike a mid-day high of $0.463 before hitting reverse. Coming up against the First Major Resistance Level (R1) at $0.463, ADA slid to a late low of $0.439. The reversal saw ADA fall through the First Major Support Level (S1) at $0.445.

However, avoiding the Second Major Support Level (S2) at $0.438, ADA ended the session at $0.446.

Network news had a muted impact, despite positive updates over the weekend.

Cardano Ecosystem Updates Remain Price Positive Despite Bearish Week

Following last week’s Cardano mainnet hard fork and comments from Cardano founder Charles Hoskinson, Input Output HK released the latest Weekly Development Report overnight.

According to the September 23 report, statistics to date included,

• 99 projects launched on Cardano. (Up from 94 as of September 9)
• 1,107 projects building on Cardano. (Up from 1,093 as of September 9)
• 50.4 million transactions on the Cardano blockchain. (Up from 49.6 million as of September 9).

Following Hoskinson’s post hard fork comments, a sharp rise in projects on Cardano would deliver price support.

ADA Price Action

This morning, ADA was down 0.67% to $0.443. A bearish start to the day saw ADA slide from an early morning high of $0.450 to a low of $0.437.

ADA came within range of the First Major Support Level (S1) at $0.436 before a return to $0.443.

Technical Indicators

A move through the $0.449 pivot would target the First Major Resistance Level (R1) at $0.460 and the Sunday high of $0.463. Post hard fork updates need to remain positive to support a breakout from $0.450.

In the case of an extended crypto rally, ADA could test the Second Major Resistance Level (R2) at $0.473 and resistance at $0.480. The Third Major Resistance Level (R3) sits at $0.497.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.436 in play. Barring an extended sell-off, ADA should avoid sub-$0.430 and the Second Major Support Level (S2) at $0.425. The Third Major Support Level (S3) sits at $0.401.

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

ADA sat above the 50-day, currently at $0.457. The 50-day EMA slid back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMAs, delivering bearish signals.

A move through the 50-day EMA ($0.457) and R1 ($0.460) would give the bulls a run at the 100-day EMA ($0.464) and the 200-day EMA ($0.472). However, failure to move through the 50-day EMA would leave ADA under pressure.