ADA Price Prediction: Post-Vasil Hard Fork Updates to Deliver $0.50
- On Friday, cardano (ADA) rose by 0.87 to wrap up the day at $0.462.
- Support from the broader crypto market and post-Vasil hard fork news delivered the bullish session.
- The technical indicators are bearish, with ADA sitting below the 100-day EMA to leave sub-$0.40 in play.
On Friday, ADA rose by 0.87%. Following a 4.33% rally on Thursday, ADA ended the day at $0.462.
A bullish start to the day saw ADA strike an early morning high of $0.482 before hitting reverse. ADA broke through the First Major Resistance Level (R1) at $0.472 before sliding to a low of $0.446. However, steering clear of the First Major Support Level (S1) at $0.440, ADA recovered to end the day at $0.462.
A broad-based crypto rebound delivered late support. However, post-Vasil hard fork updates were also price positive.
Project Migration News Delivers ADA Price Support
Following the successful Cardano mainnet hard fork on Thursday, the market focus will shift to the Cardano ecosystem. The deployment of the new Vasil features will likely lure projects to the Cardano blockchain, which would drive demand for ADA.
On Friday, Charles Hoskinson took to Twitter, saying,
“I’ve seen hundreds of tweets like this one. Lots of projects are excited to deploy now.”
The Cardano founder was referring to a tweet from NewM, which said,
“We’ve been waiting for the #Vasil to deploy our smart contracts. This upgrade makes them more efficient and cost-effective on #Cardano. The future of #music is happening now! More on this soon.”
ADA Price Action
This morning, ADA was up 0.22% to $0.463. A mixed start to the day saw ADA fall to an early low of $0.459 before rising to a high of $0.465.
ADA needs to avoid a fall through the $0.463 pivot to target the First Major Resistance Level (R1) at $0.481 and the Friday high of $0.482. Post hard fork updates need to remain positive to support a return to $0.480.
In the case of an extended crypto rally, ADA could test the Second Major Resistance Level (R2) at $0.499 and resistance at $0.500. The Third Major Resistance Level (R3) sits at $0.535.
A fall through the pivot would bring the First Major Support Level (S1) at $0.445 into play. Barring an extended sell-off, ADA should avoid sub-$0.440 and the Second Major Support Level (S2) at $0.427. The Third Major Support Level (S3) sits at $0.391.
This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.
ADA sat above the 50-day, currently at $0.460. The 100-day EMA slipped back from the 200-day EMA, while the 50-day EMA flattened on the 100-day EMAs, delivering mixed signals.
A move through the 100-day EMA ($0.467) and the 200-day EMA ($0.0475) would give the bulls a run at R1 ($0.481) to bring $0.50 into view. However, a fall through the 50-day EMA would bring the Major Support Levels into play.