ADA Price Prediction: Upswing Towards $0.60 Continues Ahead of Hard Fork

Key Insights:

• It was a bullish Saturday session, with cardano (ADA) rising by 1.79% to end the day at $0.512.
• Market sentiment towards the Vasil hard fork remained ADA positive as exchange upgrades continued to gain momentum.
• Technical indicators are bullish, with ADA sitting above the 200-day EMA, bringing $0.60 into play.

On Saturday, ADA rose by 1.79%. Following Friday’s 5.01% rally, ADA ended the day at $0.512.

A bullish morning saw ADA rally from an early low of $0.495 to a morning high of $0.524 before hitting reverse. ADA broke through the First Major Resistance Level (R1) at $0.512 and the Second Major Resistance Level (R2) at $0.522.

However, the reversal saw ADA slide back to sub-$0.510 before finding support. ADA broke back through R1 to test R2 before ending the day at $0.512.

Vasil hard fork updates were ADA positive, with a bullish crypto session also delivering price support.

Input Output HK Hard Fork Updates Remain ADA Positive

On Saturday, Input Output HK remained radio silent on social media. Input Output HK announced that it would pause all social media comments over the next few days in respect of Her Majesty the Queen.

However, Vasil hard fork updates on the IOHK Support page were ADA positive, though there were no updated figures for Saturday.

As of September 9, updates on the ADA Hard Fork Mass Indicators are as follows:

• Fifteen exchanges are hard fork ready, up from 14 as of September 8.
• Hard fork ready exchanges include AAX, AscendEX (Bitmax), Binance, Bitkub, Bitmart, Bitrue, BKEX, Btc Turk, Dex-Trade, Gate.io, Litebit.eu, MEXC, NDAX, OKex, and Whitebit.
• Twenty-seven exchanges are in progress, down by one from the previous day, with Coinbase and Kraken still reporting upgrades in progress.

From the top 12 exchanges by liquidity:

• Six exchanges are hard fork ready: AAX, Binance, Bittrue, BKEX, MEXC, and WhiteBit, with four in progress, including Coinbase, HitBTC, Upbit, and XT.com.
• However, two exchanges have yet to start the upgrade process: ChangellyPro and ZB.com.

While the number of exchanges being hard fork ready and the number in progress have risen, Coinbase has yet to complete the upgrade process.

Following the successful upgrade of 75% of SPO nodes to v1.35.3, the crypto market is tracking two critical mass indicators, these being,

• Approximately 25 exchanges upgrade (representing c.80% of ADA liquidity).
• Top 10 Dapps by TVL confirm they’ve upgraded to 1.35.3 on Pre-Production & are ready for mainnet.

Overnight, PoolTool showed that 84% of Cardano SPO nodes have upgraded to v1.35.3. While upgrade momentum has stalled, nodes achieved the 75% threshold last week.

ADA Price Action

This morning, ADA was down 0.20% to $0.511. A mixed morning saw ADA rise to an early high of $0.518 before falling to a low of $0.510.

Technical Indicators

ADA needs to avoid the $0.510 pivot to target the First Major Resistance Level (R1) at $0.526. With no updates from Input Output HK over the weekend, broader crypto market sentiment will influence.

In the case of an extended crypto rally, ADA could test the Second Major Resistance Level (R2) at $0.539 and resistance at $0.550. The Third Major Resistance Level (R3) sits at $0.568.

A fall through the pivot would bring the First Major Support Level (S1) at $0.497 into play. However, barring an extended sell-off, ADA should avoid sub-$0.485 and the Second Major Support Level (S2) at $0.481. The Third Major Support Level (S3) sits at $0.452.

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

ADA sat above the 50-day EMA, currently at $0.487. Following Saturday’s bullish cross, the 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bullish signals.

A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from R1 to bring R2 and $0.55 into play. However, an ADA fall through the S1 ($0.497) would give the bears a run at the EMAs and S2 ($0.481).