the main ideas:
- On Sunday, Cardano (ADA) fell 5.63% to end the day at $0.402.
- The broad cryptocurrency sell-off has left ADA in the red for the day and is down 0.99% for the week.
- The technical indicators are bearish, with the ADA at the 200-day moving average giving $0.350 in sight.
On Sunday, the ADA was down 5.63%. Reversing its 0.95% rise from Saturday, ADA ended the week 0.99% lower at $0.402. Notably, the ADA avoided below $0.400 for the second consecutive session.
A mixed start to the day saw the ADA climb to an early high of $0.431. Failing to reach the first major resistance level (R1) at $0.435, ADA fell to the last hour low at $0.401. ADA fell through the first major support level (S1) at $0.418 and the second major support level (S2) at $0.411 to end the day at $0.402.
Bearish sentiment from the broader cryptocurrency market and disappointing Input Output HK (IOHK) updates left ADA in the red.
In the last hour (UTC), the Nasdaq Mini intensified the selling pressure, starting the week in negative territory.
Input Output HK Network updates descending
Sunday’s session was quiet, with no significant updates from IOHK to spark investor interest. IOHK re-circulated the weekly development update from Friday, which did not provide price support.
Key stats from a report included,
- 104 projects were launched in Cardano, an increase of one over the previous week.
- Cardano-based projects totaled 1,130, an increase of three over the previous week.
- 53.6 million deals, up from 52.9 million.
- 6.6 million local tokens compared to 6.5 million.
- 64360 policy code, up from 63,865.
Prior to Vasil’s hard fork, the number of projects launched on Cardano was 98, with 1,100 projects built on the Cardano network.
ADA price action
This morning, the ADA rose 0.25% to $0.403. A mixed start to the day saw ADA drop to an early low of $0.401 before climbing to a high of $0.410.
ADA needs to breach the $0.411 pivot to target the first major resistance level (R1) at $0.422. A move through the morning high of $0.410 to $0.415 would indicate a breakout session. But the ADA will also need support from the broader market for a sustained rally.
If the rally continues, the bulls are likely to run at the second major resistance level (R2) at $0.441. However, the ADA will need to break the resistance at the $0.431 high on Sunday. The third major resistance level (R3) is located at $0.471.
Failure to move across the pivot leaves the first major support level (S1) at $0.392 in play. However, barring another extended sell off, ADA should avoid below $0.390 and another major support level at $0.381.
The third major support level (S3) is located at $0.351.
This morning, the exponential moving averages and the 4 hour candlestick chart (below) both sent a bearish signal.
ADA sat on 200 days, currently at $0.403. The 50-day moving average has fallen to the 200-day moving average, while the 100-day moving average has moved away from the 200-day moving average, providing bearish signals.
A move across the 50-day EMA ($0.408) would support a breakout from R1 ($0.422) to show R2 ($0.441). However, a drop across the 200-day moving average ($0.403) and the 100-day moving average ($0.401) would give the bears a run at S1 ($0.392).
Bears Target Below $0.390 Like NASDAQ Mini Falls – Coinphony [SV]