ADA Price Prediction: Bears Eye Sub-$0.350 on Fed and SEC Fear

ADA increased on Saturday by 2.79%. ADA finished the day at $0.368 after suffering a loss of 1.10% on Friday. ADA missed $0.400 for a third straight session despite the positive day.

ADA saw a mixed day's start, dropping to an early morning low of $0.357. The price of ADA increased to a final hour high of $0.370 after avoiding the First Major Support Level (S1) at $0.353. To close the day at $0.368 ADA overcame the First Major Resistance Level (R1) at $0.365.

Updates on IOHK were overshadowed by Fed Fear and Regulatory Risk.

Input Output HK (IOHK) revealed the most recent Ouroboros Genesis network improvement plans on Saturday.

A proof-of-stake (PoS) system called Ouroboros Genesis assures that members may join the network securely and without the need for third-party recommendations. The Genesis logic is 'now going through testing and needs more integration work,' according to IOHK, who anticipates a release in 2023. Cardano is presently running on Ouroboros Praos.

A plan to update the Cardano pre-production environment to protocol V8, which could go into effect this weekend, is one of the other network changes.

The price prognosis is still strong after the Weekly Development Report on Friday and the expected release of EMURGO's USDA stablecoin.

Fed Fear and Regulatory Risk, however, continue to be barriers for the cryptocurrency industry.

Fears of the SEC fining and ordering other crypto exchanges to stop offering crypto staking services will test investor mood in the wake of the announcement that Kraken settled with the SEC and stopped offering the service to US consumers.

The larger crypto market will be under pressure as attention shifts to the US CPI Report on Tuesday. A rise in inflationary pressure would justify a more aggressive Fed interest rate path to bring inflation to goal after the hot US Jobs Report and hawkish Fed discussion.