- Cardano (ADA) experienced a 24-hour price drop of 6.82% to take its price down to $0.4644.
- The price of ADA is currently being pushed down by the 9 EMA line.
- Given the bearish flags on the daily chart for ADA, we may see ADA’s price drop even lower 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|
|ADAUSDT||SELL||71.37%||2022-06-22, 02:00:00 – 2022-06-24, 22:00:00||0.48||0.4896||0.463592||0.467133||0.452967||0.430833||0.503433||0.525567||0.539733|
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 (2022-06-22, 02:00:00 GMT + 2 – 2022-06-24, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.46359167. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.46713333 (first support), $0.45296667 (second support), and $0.43083333. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.50343333 (first resistance), $0.52556667 (second resistance), and $0.53973333 (third resistance).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 7 in CoinMarketCap’s list of the biggest cryptocurrency by market cap and experienced a 24-hour loss of 6.82% to take its price down to $0.4644. This also puts its total market cap at $15.74 billion.
ADA has seen a drop in its total 24-hour trading volume as the figure now stands at $1982,042,109, which is a 12.11% dip.
The price of Cardano is nearer to its 24-hour low of $0.4618, with its 24-hour high at $0.5097.
In comparison to BTC and ETH, ADA has weakened against BTC by 2.30% and ETH by 0.24%. As things stand, one ADA is worth around 0.00002309 BTC and 0.0004311 ETH.
Despite the 24-hour drop in ADA’s price, it is still up slightly over the last seven days. According to CoinMarketCap, ADA’s price is up 0.59% 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.
Cardano (ADA) Price: Technical Overview
The daily chart for ADA/USDT shows the price of ADA approaching the lower level of the price range of $0.4506 and $0.5813. In addition, ADA’s price is being pushed down by the 9 Exponential Moving Average (EMA) line.
Another thing to take note of is the 9 and 20 Exponential Moving Averages (EMAs). Currently, the two lines signal a bearish sign as the 9 EMA line finds itself below the 20 EMA line. Furthermore, the 9 EMA line seems to be breaking away slightly from the 20 EMA line.
Lastly, the Relative Strength Index (RSI) is positioned below the RSI SMA line – another bearish flag. Not only that but the RSI line is sloped negatively as well. The relative position and gradient of the RSI line could suggest that ADA will head towards oversold territory and investors should brace for a potential mini selloff – taking the price even lower.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the daily chart for ADA showing that the price of ADA is being pushed down by the 9 EMA line and the RSI is positioned below the RSI SMA line, as well as the RSI line being sloped negatively, the price of ADA may fall further in the next 48 hours.
Once again, the signal confirmation will be the price of ADA hitting $0.46359167 – 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.