ADA Price Prediction – IOHK Updates Bring Sub-$0.340 into Play

Key Insights:

• On Friday, cardano (ADA) joined the broader crypto market in the red, sliding by 2.65% to end the day at $0.367.
• Input Output HK network updates and US economic indicators sent ADA deep into the red.
• The technical indicators remain bearish, with ADA sitting below the 50-day EMA to leave sub-$0.30 in play.

On Friday, ADA slid by 2.65%. Following a 1.05% fall from Thursday, ADA ended the day at $0.367. Notably, ADA ended the session at sub-$0.40 for the fourth consecutive session and extended its losing streak to five sessions.

A bullish start to the day saw ADA rise to an early morning high of $0.389. However, falling short of the First Major Resistance Level (R1) at $0.390, ADA tumbled to a late low of $0.361. Steering clear of the First Major Support Level (S1) at $0.357, ADA ended the session at $0.367.

US economic indicators and Input Output HK (IOHK) network updates sent ADA into reverse through the second half of the day.

IOHK Updates and Fed Fear Deliver a Fifth Consecutive Daily Loss

On Friday, Input Output HK shared the weekly development report as of October 14. Following the September 22 Vasil hard fork, the markets have expected an influx in projects that have yet to materialize. Post-hard fork updates have been lackluster, contributing to the ADA’s reversal from a pre-Vasil hard fork August high of $0.595.

As of October 14, network highlights from the weekly development report included,

• Ongoing work on core technology improvements.
• Upcoming Daedalus release to resolve the min-fee calculation issue.
• 102 projects launched on Cardano, unchanged from the previous week.
• 1,120 projects are building on Cardano, up by three 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.

In September, Cardano founder Hoskinson talked about hundreds of projects considering the Cardano network after the mainnet hard fork. However, the latest figures continued to fall short of market expectations.

ADA Price Action

This morning, ADA was down 0.27% to $0.366. A mixed start to the day saw ADA rise to an early high of $0.368 before falling to a low of $0.365.

Technical Indicators

ADA needs to move through the $0.372 pivot to target the First Major Resistance Level (R1) at $0.384. However, following the latest IOHK weekly update, ADA would need broader market support to return to $0.380.

In the case of a breakout session, ADA would likely test the Second Major Resistance Level (R2) at $0.400. The Third Major Resistance Level (R3) sits at $0.428.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.356 in play. In the event of another extended sell-off, the Second Major Support Level at $0.344 and support at $0.340 should limit the downside. The Third Major Support Level (S3) sits at $0.316.

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

ADA sat below the 50-day, currently at $0.397. The 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMAs, delivering bearish signals.

A move through R1 ($0.384) would give the bulls a run at the 50-day EMA ($0.397) and R2 ($0.400). The 200-day EMA sits at $0.432. However, failure to move through the 50-day EMA ($0.403) would likely leave ADA under pressure.