ADA Price Prediction: Bulls Target Shifts to $0.400 on Network Sentiment

On Saturday, ADA extended its winning run to seven sessions. The bulls are targeting a recovery to $0.400 on improved network mood and less danger of FTX contagion.

ADA increased on Saturday by 2.02%. On Friday, ADA gained 4.85% and closed the day at $0.353. Notably, ADA extended its winning run to seven sessions and returned to $0.370 for the first time since November 11.

ADA climbed to a mid-morning high of $0.370 after a bullish start to the day before going into reverse. Both the First Major Resistance Level (R1) and the Second Major Resistance Level (R2) were broken by ADA at $0.357 and $0.367, respectively.

After the turnaround, ADA dropped to a low of $0.333 in the late morning. However, ADA retested R1 ($0.357) before easing back, avoiding the First Major Support Level (S1) at $0.330.

Network upgrades, the 2023 timeline, and the IOHK Updates and Easing FTX Contagion provided support for an ADA step toward $0.400. The weekly development report from Input Output HK (IOHK) was provided on Friday, and it revealed a noticeable rise in Plutus scripts and a spike in transactions.

With more wallets holding more than a million ADA this year, the update confirmed the rise in whale behavior.

The upcoming debuts of two algorithmic stablecoins and the expected inflow of new projects into the Cardano network are further positive factors. Numbers for Total Value Locked have also been favorable.

The Cardano Total Value Locked (TVL), according to DeFi Llama, was $71.74 million this morning, up 41.3% year-to-date but down 1.75% over the previous 24 hours. The price of TVL would increase further and support a recovery to $0.400 if the upward trend persisted.