- ADA ended its 2-day losing streak as it ended Saturday flat.
- Founder Charles Hoskinson and Network updates could not offer support yesterday.
- Technical indicators flash bearishness as ADA sits at 50d EMA, leaving sub-$0.30 in view.
ADA closed Saturday flat near $0.314, following Friday’s 0.63% dip. Meanwhile, the alternative token avoided $0.300 for the 4th successive session. ADA capitalized on a bullish wave early on the day to climb to the $0.322 morning high.
That saw it overcoming the first crucial resistance at $0.318. Nevertheless, an encounter with the second critical resistance of $0.323 saw ADA dipping to $0.311 late lows. Avoiding the first support at $0.308 welcomed a rebound, and ADA ended the day near $0.314.
The weekend saw quiet market moves as the United States Thanksgiving Holiday triggered a further trading volume dip. Network updates prevented price breakouts, despite declining volumes. ADA failed to challenge the $0.340 mark for the 10th successive session.
Hoskinson Addresses Orbis and Ardana News
Market players have become sensitive to pessimistic cryptocurrency news following the FTX fall. Ardana revealed plans to suspend its stablecoin project on Cardano. Meanwhile, the announcement by Ardana accompanied updates of Orbis suspending development.
Meanwhile, ADA founder Charles Hoskinson explained the move by Orbis and Ardana to halt their projects via a Friday video. He stated that it wasn’t a platform or funding issue but a leadership problem.
Hoskinson maintained an optimistic stance on Cardano-based projects, regardless of Orbis and Ardana’s failings. The IOHK published the ADA Weekly Development report on Friday. Notable stats included 106 projects built on Cardano (increasing by two since 12 November.
Moreover, projects launching on the Cardano blockchain increased from 12 November at 1,139 to 1,146. Projects on Cardano hovered at 98 before the Vasil upgrade, whereas projects building were 1,100.
ADA Price Action
ADA stood at $0.315 after a 0.32% surge. Range-bound movements early on the day had the alt soaring to $0.316 before a slight slide. Meanwhile, the token requires a move past $0.316 to eye the initial hurdle at $0.320. avoiding $0.315 and $0.320 returns would suggest a breakout. However, broad market cues will determine ADA’s upcoming move.