ADA Price Prediction: Bulls Target $0.360 on Telemedicine Update

Key Insights:

• On Saturday, cardano (ADA) rose by 0.57%. Consolidating a 2.65% gain from Friday, ADA ended the session at $0.351.

• Network updates provided ADA with rare support, with bullish sentiment from the broader market also contributing.

• However, the technical indicators remain bearish, with ADA below the 50-day EMA to leave sub-$0.30 in play.

On Saturday, ADA rose by 0.57%. Following a 2.65% rally from Friday, ADA ended the day at $0.351. While avoiding a new 2022 low, ADA ended the session at sub-$0.40 for the twelfth consecutive session.

A mixed morning saw ADA fall to an early morning low of $0.343. Steering clear of the First Major Support Level (S1) at $0.336, ADA rose to a late morning high of $0.354. However, falling short of the First Major Resistance Level (R1) at $0.356, ADA fell back to sub-$0.350 before wrapping up the day at $0.351.

While FOMC member chatter and comments from US Treasury Secretary Janet Yellen continued delivering support, Cardano network updates provided rare support.

Telemedicine App Goes Live on Cardano to Provide Price Support

On Saturday, Citaldoc announced the first ADA transaction on its telemedicine platform.

Citaldoc made the announcement on Twitter, saying,

“We are getting emotional right now. First ADA transaction in our telemedicine platform.”

Citaldoc provided the details of the test transaction of 10,000 ADA, which had a transaction fee of just 0.17 ADA (0.0017%).

It was good news for the Cardano team and ADA holders. Post-Vasil hard fork weekly development updates have failed to impress. Citaldoc and the anticipated growth in the telemedicine space place Cardano in a position to grow in the Latin American market.

Citaldoc is a telemedicine platform that allows patients to make consultations and receive medical guidance with their reference doctor or with a specialist in the health area that is part of the Citaldoc network. The platform uses video call technology, text messaging, or both in a secure environment.

According to a recent Bloomberg piece,

“The global digital health market size is expected to reach $1.5 trillion by 2030.”

The report went on to say,

“Tele-healthcare segment dominated the global market in 2021 with a market revenue share of 37.6% due to increasing preference for remote patient monitoring services and a shortage of healthcare professionals.”

Saturdays news followed another disappointing Input Output HK (IOHK) weekly update.

On Friday, Input Output HK (IOHK) released the Cardano Weekly Development Report for October 21. Project numbers failed to impress, with an influx of projects yet to materialize.

According to the latest report,

• 103 projects launched on Cardano, up by one from the previous week.

• 1,122 projects are building on Cardano, up by two 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.

The growth in telemedicine provides opportunities for Cardano and others to see rapid adoption.

ADA Price Action

This morning, ADA was up 1.14% to $0.355. A bullish start to the day saw ADA rise from an early low of $0.350 to a high of $0.357 before easing back.

ADA briefly broke through the First Major Resistance Level (R1) at $0.356.

Technical Indicators

ADA needs to avoid the $0.349 pivot to break out from the First Major Resistance Level (R1) at $0.356 and target the Second Major Resistance Level (R2) at $0.360. However, ADA would need the support of the broader crypto market to break out from the morning high of $0.357.

In the case of an extended bullish session, ADA would likely test resistance at $0.365 but fall short of the Third Major Resistance Level (R3) at $0.371.

A fall through the pivot would bring the First Major Support Level (S1) at $0.345 into play. However, barring an extended sell-off, ADA should avoid sub-$0.340 and the Second Major Support Level at $0.338. The Third Major Support Level (S3) sits at $0.327.

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

ADA sat below the 50-day, currently at $0.360. The 50-day EMA eased 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 ($0.356) would give the bulls a run at R2 ($0.360) and the 50-day EMA ($0.360). The 200-day EMA sits at $0.404. However, failure to move through the 50-day EMA ($0.360) would bring S1 ($0.345) into view.