Cardano (ADA) Price Analysis: What to Expect in the Next 48 Hours
- ADA’s price retraces slightly to sit on a key support level.
- ADA experienced a 24-hour loss of 4.56% to take its price down to $0.6231.
- Investors could expect a move up for ADA as the investor outlook is still positive.
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 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||76.01%||2022-06-10, 02:00:00 – 2022-06-12, 02:00:00||0.63||0.6174||0.656716||0.620057||0.607293||0.588177||0.651937||0.671053||0.683817|
GB Market Analysis Software signals ADA as a buy (Source: GreenBot)
According to the GB Market Analysis Software, the price of ADA will rise
rise in the next 48 hours in the date range (2022-06-10, 02:00:00 – 2022-06-12, 02:00:00). A confirmation of the signal playing out will be when the price of ADA hits $0.656716. This is also the identified price entry for the trade.
The current support levels for are $0.620057 (first support level), $0.607293 (second support level), and $0.588177 (third support level). Meanwhile, the current resistance levels for ADA/USD are $0.651937 (first resistance level), $0.671053 (second resistance level), and $0.683817 (third resistance level).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 6 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap. ADA experienced a 24-hour loss of 4.56% to take its price down to $0.6231. This also puts its total market cap at $21,010,299,158.
ADA has also seen a decrease in its total 24-hour trading volume as the figure now stands at $925,990,193, which is a 39.09% dip.
The price of Cardano is also closer to its 24-hour low of $0.6181 at the moment, with it establishing a 24-hour high of $0.6552.
In comparison to BTC and ETH, ADA has weakened against both by 3.33% and 3.36% respectively. As things stand, one ADA is worth around 0.00002071 BTC and 0.000348 ETH.
Whales have been accumulating ADA in anticipation of the upcoming Vasil Hard Fork. This may be a sign of good things to come for the coin. Furthermore, Grayscale has also increased its portfolio allocation for ADA recently.
Cardano (ADA) Price: Technical Overview
9 MA Crosses Above 20 MA for ADA (Source: CoinMarketCap)
Looking at the technicals for ADA/USD, the price of ADA has maintained its position above the 9 and 20 MA. These lines have been resistance levels for ADA in the bear market. However, over the last 5 days, the price of ADA has slumped a bit and is now heading towards the 9 MA line.
One thing to note is that the 9 MA has crossed above the 20 MA. This indicates that ADA has entered into a short-term bull cycle. The RSI has, however, sloped negatively but is still above the RSI SMA line. This is an indication that investors still have a bullish outlook for ADA.
ADA’s price is currently lingering around the first support level identified by the GB Market Analysis Software at $0.620057. Investors must be cautious as ADA may break below the support level and could fall to $0.599.
However, if the level can hold out, we could see ADA return to its bullish move after this small retracement. If the current price level withstands the slight bearish pressure, we could see ADA aim for the next significant resistance level at $0.736, which is around an 18% move in price.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the 9 MA crossing above the 20 MA, we could see ADA’s price rise over the next 48 hours. However, investors should practice caution as the price of ADA is being held up by a support level and the RSI is sloped negatively above the RSI SMA line today.
Once again, the signal confirmation will be the price of ADA hitting $0.656716 – 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.