- Cardano experienced a 24-hour loss of 3.73% to take its price down to $0.4982.
- The coin has, however, strengthened against BTC and ETH.
- As the end of the week approaches, ADA’s price may fall in the coming 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.
GB Market Analysis Software signals ADA as a buy (Source: GreenBot)
According to the GB Market Analysis Software, the price of ADA may fall in the next 48 hours in the date range (2022-06-17, 02:00:00 GMT + 2 – 2022-06-19, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.4392. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.4466 (first support), $0.417 (second support), and $0.3667. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.5265 (first resistance), $0.5768 (second resistance), and $0.6064 (third resistance).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 7 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap. It has experienced a 24-hour loss of 3.73% to take its price down to $0.4982. This also puts its total market cap at $16,780,789,792.
ADA has seen a drop in its total 24-hour trading volume as the figure now stands at $1,168,363,666, which is a 48.43% dip.
The price of Cardano is slightly nearer to its 24-hour high of $0.5186, with its 24-hour low at $0.469.
In comparison to BTC and ETH, ADA has strengthened against BTC by 2.07% and against ETH by 4.68%. As things stand, one ADA is worth around 0.00002386 BTC and 0.0004513 ETH.
The recent fall in ADA’s price over the last few hours tells the current story of the entire crypto market as the rest of the top 10 coins by market cap also experienced a 24-hour loss at the time of writing.
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
ADA rebounds from lower bound of range (Source: CoinMarketCap)
The daily chart for ADA/USDT shows that the price of ADA is still within the channel established around early May.
In the last 4 days, ADA’s price rebounded from the lower bound of the channel to post 2 green candles. This saw its price rise to the 9 EMA level. However, the level was short-lived as the EMA line acted on its role once again as a resistance level, dropping the price down towards the middle of the distance between the 9 EMA and the lower bound of the price channel.
The slower momentum oscillator, the Relative Strength Index (RSI), is positioned below the RSI SMA line, which is a bearish sign. However, the RSI is sloped positively towards the RSI SMA line which suggests that a bullish cross above the RSI SMA line is on the cards for the RSI.
Another bearish sign is the position of the 9 EMA relative to the 20 EMA, as it finds itself below the larger EMA.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the end of the week approaching and the bearish signs present on the daily chart, we could see ADA’s price fall over the next 48 hours.
Once again, the signal confirmation will be the price of ADA hitting $0.4392 – 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.