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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.

InstrumentSignalProbabilityDate RangeOpen Price2% Stop LossEntrySupt 1Supt 2Supt 3RESIS 1RESIS 2RESIS 3
ADA/USDTSTAY IN CASH50.65%2022-07-14, 02:00:00 – 2022-07-16, 02:00:000.440.0000000.0000000.0000000.0000000.0000000.0000000.0000000.000000

GB Market Analysis Software signals that it may be best to not enter into an ADA trade (Source: GreenBot)

The GB Market Analysis Software has signaled that it may be best to not enter into a trade for ADA in the next 48 hours in the date range (2022-07-14, 02:00:00 GMT + 2 – 2022-07-16, 02:00:00 GMT + 2).

The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.413 (first support), $0.3877 (second support), and $0.3731. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.4529 (first resistance), $0.4675 (second resistance), and $0.4928 (third resistance).

Cardano (ADA) Price: Current Market Standing

Cardano (ADA) is ranked number 8 CoinMarketCap’s list of the biggest cryptocurrencies by market cap. ADA experienced a slight 24-hour gain of 0.10% to take its price up to $0.4276. This also puts its total market cap at roughly $14.45 billion.

ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $995,767,906, which is a 40.15% rise over the last day.

The price of Cardano is nearer to its 24-hour high of $0.4397, with a 24-hour low of $0.4064.

In comparison to BTC and ETH, ADA has weakened against BTC by 1.38% and has weakened against ETH by 2.68%. As things stand, one ADA is worth around 0.00002139 BTC or 0.0003896 ETH.

Despite ADA’s price being up by a small percentage over the last 24 hours, its price is still down by 8.11% over the past 7 days.

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

Daily chart for ADA/USDT (Source: CoinMarketCap)

ADA’s price is at a decisive point as there are several bearish flags and a bullish chart pattern present on the daily chart. There is no clear indication of what ADA’s price will do given the mixed signals.

The first bearish flag is the Relative Strength Index (RSI) which is sloped negatively towards oversold. Furthermore, the RSI line is positioned below the RSI SMA line.

The next bearish flag is the 9 Exponential Moving Average (EMA) which is positioned below the 20 EMA line, with the 9 EMA line breaking more bearishly away from the 20 EMA line.

Despite the bearish flags, ADA’s price saw a price rise over the last 24 hours. This price rise can be attributed to intraday traders setting up a quick scalp trade in anticipation of the CPI report released yesterday, with the trade going their way so far.

The 24-hour rise in ADA’s price has formed a mini ascending triangle which is a bullish chart pattern that indicates that ADA’s price may rise further. Whether or not ADA’s price will rise more depends on how it reacts once it reaches the 9 EMA line – a line that has been a resistance level keeping ADA’s price down.

Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the bearish and bullish flags present on the daily chart for ADA, it may be best to not enter into a trade for ADA over the next 48 hours while the price confirms which scenario will play out.

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