ADA Price Prediction: Weekly IOHK Update Could Test Buyers at $0.300
- On Thursday, ADA fell by 0.63%, ending a two-day winning streak.
- While FTX contagion risk continued to ease, a lack of news through the afternoon session left ADA on the back foot.
- The technical indicators remain bearish, with ADA sitting below the 50-day EMA, to leave sub-$0.300 in view.
On Thursday, ADA fell by 0.63%. Partially reversing a 1.92% gain from Wednesday, ADA ended the day at $0.316. Notably, ADA avoided sub-$0.300 for the second consecutive session.
A mixed start to the day saw ADA rise to an early high of $0.321. Coming up short of the First Major Resistance Level (R1) at $0.323, ADA slid to a late morning low of $0.311. Finding support at the First Major Support Level (S1) at $0.311, ADA revisited $0.317 before easing back.
It was a quiet Thursday session, with the US Thanksgiving Holiday leading trading volumes lower. A lack of crypto news events left ADA range-bound through the afternoon session.
With the US Thanksgiving Holidays in full swing, a lack of FTX-linked news would leave ADA in the hands of Cardano network updates.
Input Output HK Weekly Development Update to Draw Interest
Today, Input Output HK (IOHK) will release the Cardano Weekly Development Update. The project numbers will likely have the most influence.
Investors are awaiting an influx of projects onto the Cardano network. Expectations were high following the Vasil hard fork. However, the numbers have been lackluster.
Following news of Ardana halting its stablecoin development on the Cardano ecosystem on Wednesday, we may see a greater investor sensitivity to today’s update.
On Thursday, Ardana announced,
“Unfortunately, due to recent developments with regard to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.”
“Remaining funds and treasury balances etc will be held by Ardana Labs until another competent dev team in the community comes forward to continue our work.”
After Ardana’s announcement, the news of other projections halting development on the Cardano network would be price-negative.
ADA Price Action
This morning, ADA was down 2.22% to $0.309. A bearish start to the day saw ADA fall from an early high of $0.316 to a low of $0.307.
ADA fell through the First Major Support Level (S1) at $0.311.
ADA needs to move through S1 and the $0.316 pivot to target the First Major Resistance Level (R1) at $0.321. A return to $0.320 would signal a breakout session. Bullish crypto market sentiment would support a breakout from R1.
In case of an extended rally, the Second Major Resistance Level (R2) at $0.326 and $0.330 would come into play. The Third Major Resistance Level (R3) sits at $0.336.
Failure to move through S1 and the pivot would bring the Second Major Support Level (S2) at $0.306 into play. However, barring a contagion-fueled sell-off, ADA should avoid sub-$0.300 and the Third Major Support Level (S3) at $0.296.
This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.
ADA sat below the 50-day, currently at $0.319. The 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.
A move through the 50-day EMA ($0.319) would support a breakout from R1 ($0.321) to target and R2 ($0.326). However, failure to move through the 50-day EMA would leave sub-$0.300 in play. The 200-day EMA sits at $0.354.