ADA Price Prediction: Bulls to Retarget $0.440 to Bring $0.500 into View

Key Insights:

• On Saturday, cardano (ADA) gained 3.70% to end the day at $0.420. Notably, ADA visited $0.440 for the first time since September 30.
• Investor hopes of a December Fed pivot and improving sentiment toward the Cardano ecosystem delivered price support.
• The technical indicators are bullish, with ADA sitting above the 200-day EMA to bring $0.50 into view.

On Saturday, ADA rose by 3.70%. Following a 4.38% rally from Friday, ADA ended the day at $0.420. Notably, ADA visited $0.440 for the first time since September 30 and wrapped up the day at $0.400 for the fourth time in five sessions.

After a range-bound morning, ADA fell to an early afternoon low of $0.401 before making a move. Steering clear of the First Major Support Level (S1) at $0.385, ADA rallied to a late afternoon high of $0.440.

ADA broke through the First Major Resistance Level (R1) at $0.418 and the Second Major Resistance Level (R2) at $0.431. However, a late pullback saw ADA fall back to sub-$0.415 before ending the day at $0.420. R1 pegged ADA back late in the day.

Market sentiment toward the Fed and the Cardano ecosystem continued to deliver price support.

Reaction to a Hoskinson Tweet Delivered a Return to $0.440

On Friday, Input Output HK (IOHK) released the weekly development update following Thursday’s October edition of the Cardano 360.

While the project numbers remained lackluster, investors responded favorably to news of the Hydra update. There has also been plenty of chatter over increased development activity on the network, suggesting that more upgrades and enhancements are on the horizon.

Key IOHK highlights included,

• Ongoing work on core technology improvements.
• New Daedalus pre-production version released.
• Marlowe Runtime used to execute Actus contracts.
• New HydraV1 specification updated.
• Find9 ecosystem rewards distributed.

Looking at the statistics,

• 103 projects launched on Cardano, unchanged from the previous week.
• Projects building on Cardano totaled 1,127, up by five from the previous week.

Before the Vasil hard fork, the number of projects launched on Cardano had stood at 98, with 1,100 projects building on the Cardano network.

With network updates and dogecoin (DOGE) in the spotlight, comments from Cardano founder Charles Hoskinson likely contributed to the upswing.

On Saturday, Hoskinson turned to Twitter users, asking,

“Should we pitch to Twitter a post-quantum ultrafast, and identity enables doge sidechain of Cardano custom built for social networks?”

This morning, 15,792 votes were in with 6-days remaining.

ADA Price Action

This morning, ADA was down 0.48% to $0.418. A mixed start to the day saw ADA rise to an early high of $0.421 before falling to a low of $0.418.

Technical Indicators

ADA needs to move through the $0.420 pivot to target the First Major Resistance Level (R1) at $0.440 and the Saturday high of $0.440. A return to $0.430 would signal a possible breakout session. However, ADA would need the support of the broader market for a bullish session.

In case of an extended rally, the Second Major Resistance Level (R2) at $0.459 would likely come into play. The Third Major Resistance Level (R3) sits at $0.498.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.401 in play. However, barring an extended sell-off, ADA should avoid sub-$0.400 and the Second Major Support Level at $0.381. The Third Major Support Level (S3) sits at $0.342.

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

ADA sat above the 200-day, currently at $0.399. The 50-day EMA pulled away from the 100-day EMA, with the 50-day and the 100-day EMAs narrowing to the 200-day EMA, delivering bullish signals.

A hold above S1 ($0.401) and the 200-day EMA ($0.399) would support a run at R1 ($0.440). However, a fall through S1 and the 200-day EMA would bring the 50-day EMA ($0.389) into view.