ADA Price Prediction: Weak US JOLTs Job Openings to Deliver $0.440

Key Insights:

• On Monday, cardano (ADA) rose by 2.15% to end a three-day losing streak.
• Network updates from Input Output HK took a back seat, with ADA responding to US economic indicators.
• The technical indicators remain bearish, with ADA below the 50-day EMA to leave sub-$0.40 in play.

On Monday, ADA rose by 2.15%. Partially reversing a 2.56% loss from Sunday, ADA ended the day at $0.428.

A bearish start to the day saw ADA slide to an early and new September low of $0.416. However, steering clear of the First Major Support Level (S1) at $0.414, ADA rallied to a high of $0.429. Coming up against the First Major Resistance Level (R1) at $0.429, ADA slipped back to end the day at $0.428.

US Economic Indicators Mute Sentiment Towards Network Updates

US economic indicators delivered ADA and the broader market with much-needed support on Monday. Fed fear eased as investors responded to US ISM Manufacturing PMI and sub-Index numbers.

In September, the ISM Manufacturing PMI fell from 52.8 to 50.9. While the sector avoided a contraction, the sub-components eased the probability of a 75-basis point Fed rate hike in November.

The Employment Index fell from 54.2 to 48.7, with the New Orders Index sliding from 51.3 to 47.1.

While the US economic indicators were bullish, there were no network updates to provide direction. Since the September 22 mainnet hard fork, investors have yet to see the surge in projects on the Cardano network to support the hype surrounding the Vasil hard fork.

Cardano founder Charles Hoskinson took to Twitter this morning, highlighting the negativity of social media.

Hoskinson tweeted,

“This is an example of the toxicity and brutal stupidity of Twitter. I made a whiteboard video today that tied many threads together and showed how different systems will be used for a scaling master plan. Hydra is a public project with an open roadmap on Github.”

Hoskinson responded to a tweet from the crypto community, which said,

“According to last year’s promises, the #Cardano community was expecting the Hydra launch in October of this year. Today the Cardano community was notified by Charles that Hydra is no longer what was originally promised and no clear release date.”

Twitter has been heating up since the Vasil hard fork.

Over the weekend, Hoskinson defended the Cardano network, saying,

“What is extraordinary to me is that the people who tweet this stuff actually believe it regardless of the evidence given. It’s basically like religious beliefs. Every year, we have moved mountains together, but he can’t see any of it. I wonder what causes it.”

Hoskinson responded to a crypto community member who tweeted,

“My advice if you’re starting a crypto project is to never, ever deliver. Empty promises are the best FA. Look at $XRP and $ADA. Over promise, under deliver, and never deliver. Then people always have something to look forward to. Delivering takes away hope.”

Following the success of the Vasil hard fork, Charles Hoskinson talked about hundreds of projects considering the Cardano network. The surge in projects will need to materialize to reverse the current bearish trend.

ADA Price Action

This morning, ADA was up 0.70% to $0.431. A mixed start to the day saw ADA fall to an early low of $0.425 before rising to a high of $0.431.

Technical Indicators

ADA has to avoid a fall through the $0.424 pivot to target the First Major Resistance Level (R1) at $0.433. US economic indicators and central bank chatter need to be crypto-friendly to support a bullish session.

In the case of a breakout session, the Second Major Resistance Level (R2) at $0.437 and $0.440 would likely come into view. The Third Major Resistance Level (R3) sits at $0.450.

A fall through the pivot would bring the First Major Support Level (S1) at $0.420 into play. However, barring an extended sell-off, ADA should avoid sub-$0.415 and the Second Major Support Level at $0.411. The Third Major Support Level (S3) sits at $0.398.

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

ADA sat below the 50-day, currently at $0.435. 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.

An ADA move through R1 ($0.433) would give the bulls a run at the 50-day EMA ($0.435) and R2 ($0.437). The 200-day EMA sits at $0.457. However, failure to move through the 50-day EMA would leave ADA under pressure.