Cardano (ADA) Price Analysis: What to Expect in the Next
- Cardano (ADA) experienced a 24-hour loss of 3.80% to take its price down to $0.4514.
- ADA’s price looks to retest a strong support level on the daily chart.
- The price of ADA may rise over 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 Ethereum 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||BUY||55.41%||2022-06-30, 02:00:00 – 2022-07-02, 22:00:00||0.47||0.4606||0.478450||0.457600||0.449000||0.439200||0.47600||0.485800||0.494400|
GB Market Analysis Software signals ADA as a sell (Source: GreenBot)
The GB Market Analysis Software has signaled that the price of ADA may rise in the next 48 hours in the date range (2022-06-30, 02:00:00 GMT + 2 – 2022-07-02, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA reaches $0.47845. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.4576 (first support), $0.449 (second support), and $0.4392. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.476 (first resistance), $0.4858 (second resistance), and $0.4944 (third resistance).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 8 in CoinMarketCap’s list of the biggest cryptocurrency by market cap. It experienced a 24-hour loss of 3.80% to take its price down to $0.4514. This also puts its total market cap at $15.37 billion.
ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $804,067,133, which is a 6.62% rise over the last day.
The price of Cardano is nearer to its 24-hour low of $0.448, with its 24-hour high at $0.4739.
In comparison to BTC and ETH, ADA has weakened against BTC by 0.45% and has strengthened against ETH by 2.7%. As things stand, one ADA is worth around 0.00002327 BTC and 0.0004269 ETH.
On top of ADA’s price drop in the last 24 hours, its price has also dropped over the last 7 days. According to CoinMarketCap, ADA’s price is down 4.30% 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
Daily chart for ADA/USDT (Source: CoinMarketCap)
A descending triangle has formed on the daily chart for ADA/USDT as the daily candles close in on the apex of the triangle chart pattern. Over the last five days, ADA has attempted to break out of the chart pattern with no success.
The base of the current chart pattern has been a strong and key support level on the daily chart for ADA as ADA’s price has tested the level several times. All of these tests were followed by a rebound.
Investors should be cautious with the current restest of this level as the volatility in ADA’s price has died down as it approaches the APEX of the chart pattern.
As ADA’s price approaches the apex of the triangle, we could see bulls jump in to protect the support level and prevent it from flipping into resistance. This will result in a small move upwards which could target the 20 EMA level at around $0.49.
This may be a good buy opportunity as the RSI is at a prime position for a bullish rally at the current low, which is the base of the chart pattern. Although the RSI is positioned below the RSI SMA line, it is closer to oversold than it is too overbought. As a result, bulls may pick ADA up at the current discounted level.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as ADA’s price looking to test a support level that has, historically, caused a rebound, as well as the current RSI position, the price of ADA may rise in the next 48 hours.
Once again, the signal confirmation will be the price of ADA hitting $0.47845 – a level between the first and second resistance 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.