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||59.40%||2022-07-12, 02:00:00 – 2022-07-14, 02:00:00||0.43||0.4386||0.420408||0.423267||0.411833||0.392067||0.454467||0.474233||0.485667|
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 (2022-07-12, 02:00:00 GMT + 2 – 2022-07-14, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.42040833. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.42326667 (first support), $0.41183333 (second support), and $0.39206667. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.45446667 (first resistance), $0.47423333 (second resistance), and $0.48566667 (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. ADA experienced a 24-hour loss of 4.78% to take its price down to $0.0.4319. This also puts its total market cap at roughly $14.5 billion.
ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $706,479,162 which is an 8.68% rise over the last day.
The price of Cardano is nearer to its 24-hour low of $0.4298, with its 24-hour high at $0.4568.
In comparison to BTC and ETH, ADA has weakened against BTC by 1.11% and has strengthened against ETH by 2.06%. As things stand, one ADA is worth around 0.00002189 BTC and 0.000404 ETH.
ADA is not only down over the last 24 hours; its price has also slid around 7.44% over the past seven days.
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 daily chart for ADA/USDT shows that ADA’s price attempted to break above the 9 and 20 Exponential Moving Average (EMA) lines. Shortly after breaking above the two lines, ADA’s price was hit with a large amount of sell pressure, as indicated by the wick present on top of the candle’s body.
Since then, ADA’s price has been in a steady decline with its downward movement’s pedigree escalating over the past 24 – 36 hours. This strengthening of ADA’s downward price movement has seen bears successful in establishing a new low for ADA.
Bears may not be through yet as technical indicators flag bearish signs. The first technical indicator that investors need to be aware of is the 9 EMA line positioned below the 20 EMA line, which may be a hint that any bullish move that will occur over the next two days will most likely be a trap.
The second indicator that investors need to be aware of is the Relative Strength Index (RSI) which is now in oversold territory. In addition to this, the RSI is sloped negatively and positioned underneath the RSI SMA line.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the 20 EMA positioned above the 9 EMA as well as the RSI in oversold territory and its relative position to the RSI SMA line, the price of ADA may fall in the next 48 hours.
Once again, the signal confirmation will be the price of ADA hitting $0.42040833 – a level between the first and second support levels identified by the software.