ADA Price Prediction: Bulls Target a Return to $0.370 on Network News

Key Insights:

• On Monday, cardano (ADA) fell by 1.38% to end a three-day winning streak.
• Bearish sentiment from the broader crypto market weighed as investors responded to Xi’s third term and weak economic indicators from the EU and the US.
• The technical indicators remain bearish, with ADA sitting below the 100-day EMA to leave sub-$0.30 in play.

On Monday, ADA fell by 1.38%. Partially reversing a 3.13% rally from Sunday, ADA ended the day at $0.357. While avoiding sub-$0.35 for the first time in six sessions, ADA ended the session at sub-$0.40 for the fourteenth consecutive session.

A mixed morning saw ADA strike morning highs of $0.365. Coming up short of the First Major Resistance Level (R1) at $0.369, ADA slid to an early afternoon low of $0.353. Steering clear of the First Major Support Level (S1) at $0.350, ADA revisited $0.362 before ending the day at sub-$0.360.

Updates from Input Output HK (IOHK) took a back seat, with a broad-based crypto pullback weighing.

However, network updates appear to have shifted sentiment towards the Cardano ecosystem and investor appetite for ADA.

Input Output HK Showcases Tools Available on the Cardano Network

Following the weekend announcement of Citaldoc completing its first test transaction with ADA on its telemedicine platform, market focus returned to geopolitics and the global economic outlook.

However, ADA fared better than its top ten piers, suggesting a possible shift in investor sentiment. The Citaldoc announcement was a reminder for investors of how quickly fortunes can change.

On Monday, Input Output HK took advantage of the positive news by releasing a blog listing the available tools and applications.

Another positive for ADA was news of Cardano NFT volume hitting an all-time high on Saturday. Notably, NFT volumes have risen throughout October.

A further pickup in NFT volumes and an influx of projects to the Cardano Ecosystem would support a near-term bearish trend reversal.

ADA Price Action

This morning, ADA was up 1.12% to $0.361. A bullish start to the day saw ADA rise from an early low of $0.357 to a high of $0.363.

Technical Indicators

ADA needs to avoid the $0.358 pivot to retarget the First Major Resistance Level (R1) at $0.364 and the Monday high of $0.365. A move through the morning high of $0.363 would signal a bullish session. However, US economic indicators need to be crypto-friendly.

In case of an extended rally, the Second Major Resistance Level (R2) at $0.370 would likely come into play. The Third Major Resistance Level (R3) sits at $0.382.

A fall through the pivot would bring the First Major Support Level (S1) at $0.352 into play. However, barring an extended sell-off, ADA should avoid sub-$0.350 and the Second Major Support Level at $0.346. The Third Major Support Level (S3) sits at $0.334.

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

ADA sat below the 100-day, currently below $0.373. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA eased back from the 200-day EMAs, delivering mixed signals.

A move through R1 ($0.364) would give the bulls a run at R2 ($0.370) and the 100-day EMA ($0.373). However, a fall through the 50-day EMA ($0.359) would bring S1 ($0.352) into view.