The Day Ahead Investors should monitor Input Output HK (IOHK) network updates. However, a lack of updates should leave ADA in the hands of the broader
The Day Ahead
Investors should monitor Input Output HK (IOHK) network updates. However, a lack of updates should leave ADA in the hands of the broader crypto market and US debt ceiling-related news. Progress toward raising the debt ceiling should provide further gains.
However, SEC v Ripple-related news and Binance and Coinbase (COIN) chatter will also move the dial.
ADA Price Action
This morning, ADA was flat at $0.363. A range-bound start to the weekend saw ADA fall to an early low of $0.362 before rising to a high of $0.364.
ADA Technical Indicators
Resistance & Support Levels
ADA has to avoid the $0.361 pivot to target the First Major Resistance Level (R1) at $0.369. A move through the Friday high of $0.367 would support a bullish session. However, IOHK updates and US debt ceiling-related news would need to deliver support.
In the case of a breakout, ADA would likely test the Second Major Resistance Level (R2) at $0.374. The Third Major Resistance Level (R3) sits at $0.387.
A fall through the pivot would bring the First Major Support Level (S1) at $0.356 into play. However, barring a risk-off fueled sell-off, ADA should avoid sub-$0.350 and the Second Major Support Level (S2) at $0.348. The Third Major Support Level (S3) sits at $0.335.
Today, the EMAs and the 4-hourly candlestick chart (below) sent bearish signals.
ADA sat below the 50-day EMA, currently at $0.364. The 50-day EMA eased back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA, delivering bearish signals.
A move through the 50-day EMA ($0.364) would support a breakout from the 100-day EMA ($0.368) and R1 ($0.369) to give the bulls a run at R2 ($0.374). However, failure to move through the 50-day EMA ($0.364) would leave S1 ($0.356) in view. A move through the 50-day EMA would send a bullish signal.
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