- Cardano experienced a 24-hour gain of 6.17% to take its price up to $0.469.
- The coin has, however, weakened against BTC and ETH.
- Taking into account the bearish flags on the weekly chart for ADA, investors might need to brace for a fall in ADA’s price.
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||70.97%||2022-06-20, 02:00:00 – 2022-06-19, 22:00:00||0.48||0.4896||0.441883||0.450467||0.416133||0.396367||0.504567||0.524333||0.558667|
GB Market Analysis Software signals ADA as a buy (Source: GreenBot)
According to the GB Market Analysis Software, the price of ADA may fall in the next 48 hours in the date range (2022-06-20, 02:00:00 GMT + 2 – 2022-06-22, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.44188333. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.45046667 (first support), $0.41613333 (second support), and $0.39636667. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.50456667 (first resistance), $0.52433333 (second resistance), and $0.55866667 (third resistance).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 7 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour gain of 6.17% to take its price up to $0.469. This also puts its total market cap at $15,901,403,107.
ADA has seen a drop in its total 24-hour trading volume as the figure now stands at $1,026,310,761, which is a 20.86% dip.
The price of Cardano is slightly nearer to its 24-hour high of $0.4872, with its 24-hour low at $0.4413.
In comparison to BTC and ETH, ADA has weakened against BTC by 3.13% and ETH by 6.15%. As things stand, one ADA is worth around 0.00002338 BTC and 0.0004344 ETH.
The recent rise in ADA’s price over the last few hours is a refreshing change in trend. However, it is not certain that the bullish move will last as the entire market is still in a bearish cycle.
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 weekly chart for ADA/USDT shows that the price of ADA is approaching the basis of the Bollinger Bands. Traditionally in a bear market, the price of crypto tends to hover in the range of the lower band and the basis of the Bollinger Bands. This being the case, the price of ADA may drop lower as it nears the basis.
However, the price of ADA is being held up by a key support level on the weekly chart at the moment. This indicates that ADA’s price may be at a decisive point as it looks to challenge the basis of the Bollinger Bands on the weekly chart and is being held up by a key support level.
Another indicator to take note of is the 9 and 20 Moving Averages (MAs). Currently, the two lines signal a bearish sign as the 9-MA line finds itself below the 20-MA line. Furthermore, the 9 MA line seems to be breaking away slightly from the 9 MA line.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the weekly chart for ADA showing the price of ADA is at a decisive point and the price of ADA looking to challenge the basis of the Bollinger Bands on the weekly chart, we could see the price of ADA fall in the next 48 hours.
Once again, the signal confirmation will be the price of ADA hitting $0.44188333 – 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.