Cardano (ADA) Price Analysis: What to Expect 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 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|
|ADA\USDT||SELL||76.22%||2022-07-05, 02:00:00 – 2022-07-07, 22:00:00||0.47||0.4794||0.445750||0.450500||0.431500||0.418500||0.482500||0.495500||0.514500|
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 (2022-07-05, 02:00:00 GMT + 2 – 2022-07-07, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.44575. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.4505 (first support), $0.4315 (second support), and $0.4185. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.4825 (first resistance), $0.4955 (second resistance), and $0.5145 (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 gain of 4.32% to take its price up to $0.4672. This also puts its total market cap at $15.75 billion.
ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $830,667,742, which is an 87.32% rise over the last day.
The price of Cardano is nearer to its 24-hour high of $0.4732, with its 24-hour low at $0.4474.
In comparison to BTC and ETH, ADA has weakened against BTC by 1.61% and has strengthened against ETH by 4.29%. As things stand, one ADA is worth around 0.00002305 BTC and 0.0004059 ETH.
Despite the rise in ADA’s price in the last 24 hours, its price is still down over the last 7 days. According to CoinMarketCap, ADA’s price is down 3.43% 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. Recently, Cardano’s Vasil upgrade has gone live on the ADA testnet.
Cardano (ADA) Price: Technical Overview
The price of ADA has risen above the 9 Moving Average (MA) line on the daily chart and edges closer to the 20 MA line. These lines may push down the price of ADA given their reputation as resistance lines in this bear market.
The move above the 9 MA line comes after a 3-candle move by ADA that saw its close price higher than its open price for the 3 days prior. Now, it seems that ADA’s price is facing some bearish retaliation as today’s candle is in the red at the time of writing.
In addition, a technical indicator that suggests that ADA’s price may fall is the Relative Strength Index (RSI), which is negatively sloped and seems to be looking to cross below the RSI SMA line, which is a potential bearish flag.
Lastly, the 9 MA line is positioned below the larger 20 MA line after the two lines were crossed in the last couple of days. This indicates that ADA has entered into a short-term bear cycle on the daily chart.
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 the 20 MA line after rising above the 9 MA line, as well as the current slope of the RSI, the price of ADA may fall in the next 48 hours.
Once again, the signal confirmation will be the price of ADA hitting $0.44575 – a level between the first and second support levels identified by the software.