Cardano (ADA) Price Analysis: What to Expect in the Next 48 Hours
- (ADA) experienced a 24-hour loss of 4.49% to take its price down to $0.498.
- ADA is currently ranked number 8 in terms of the largest cryptos by market cap.
- The price of ADA may fall in the next 48 hours.
Cardano (ADA) is a third-generation, decentralized proof-of-stake (PoS) blockchain platform designed to be a more efficient alternative to proof-of-work (PoW) networks. Scalability, interoperability, and sustainability on PoW networks like are limited by the infrastructure burden of growing costs, energy use, and slow transaction times.
|Instrument||Signal||Probability||Date Range||Open Price||2% Stop Loss||Entry||Supt 1||Supt 2||Supt 3||RESIS 1||RESIS 2||RESIS 3|
|ADAUSDT||SELL||74.62%||2022-06-27, 02:00:00 – 2022-06-29, 22:00:00||0.49||0.4998||0.473692||0.476933||0.463967||0.439433||0.514433||0.538967||0.551933|
GB Market Analysis Software signals ADA as a sell (Source: GreenBot)
The GB Market Analysis Software has signaled that the price of ADA may fall in the next 48 hours in the date range (2022-06-27, 02:00:00 GMT + 2 – 2022-06-29, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.47369167. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.47693333 (first support), $0.46396667 (second support), and $0.43943333. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.51443333 (first resistance), $0.53896667 (second resistance), and $0.55193333 (third resistance).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 8 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour loss of 4.49% to take its price down to $0.498. This also puts its total market cap at $16.83 billion.
ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $794,913,638, which is a 7.69% rise over the last day.
The price of Cardano is nearer to its 24-hour low of $0.4894, with its 24-hour high at $0.524.
In comparison to BTC and ETH, ADA has weakened against BTC by 3.24% and has weakened against ETH by 2.10%. As things stand, one ADA is worth around 0.00002349 BTC and 0.0004095 ETH.
Although ADA’s price dropped in the last 24 hours, it is still in the positive over the last seven days. According to CoinMarketCap, ADA’s price is up 6.26% from last week’s price.
Nevertheless, the outlook on Cardano as a whole is still fairly positive as the team continues to make improvements to the network during this bear market. Perhaps the most anticipated upgrade for the Cardano Network is the Vasil Hard Fork.
Cardano (ADA) Price: Technical Overview
4-hour chart for ADA/USDT (Source: CoinMarketCap)
A descending triangle has formed on the 4-hour chart for ADA/USDT which suggests that ADA’s price may fall over the next couple of 4-hour candles. The base of the candle is at $0.4784.
The price of ADA has attempted to break out of the chart pattern once already but the attempt was foiled. Now it looks to challenge the pattern again as it makes a move towards the upper level of the pattern.
Should ADA’s price fail to break out of the pattern in its current attempt, it could fall to the base of the triangle, which is also a support level on ADA’s 4-hour chart.
Another thing to take note of is the 9 and 20 Exponential Moving Averages (EMAs). Currently, the two lines show that ADA is in a short bullish cycle as the 9 EMA line finds itself above the 20 EMA line. The gap between the two lines is shrinking as the 20 EMA is just 0.0037 away from the 9 EMA line.
Lastly, the Relative Strength Index (RSI), which is a slower momentum oscillator, is positioned below the RSI SMA line. This is a bearish flag. Not only that, but the RSI line’s slope has turned slightly negative as well. The relative position and gradient of the RSI line could suggest that ADA will move more towards the oversold territory.
Lastly, ADA’s price is also near the 9 EMA line’s level. The 9 EMA line may remind the price of its role as a resistance level in this bear market, and push the price down.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the descending triangle chart pattern forming on the 4-hour chart as well as the price approaching the 9 EMA resistance level, the price of ADA may fall further in the next 48 hours.
Once again, the signal confirmation will be the price of ADA hitting $0.47369167 – a level between the first and second support levels identified by the software.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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