- ADA’s price hits the bottom of the channel established on the daily chart.
- ADA experienced a 24-hour loss of 14.67% to take its price down to $0.4437.
- Investors could expect a move up for ADA as TA signals a buying opportunity.
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 | BUY | 78.86% | 2022-06-13, 02:00:00 – 2022-06-15, 02:00:00 | 0.49 | 0..4802 | 0.549692 | 0.466133 | 0.441867 | 0.394433 | 0.537833 | 0.585267 | 0.609533 |
According to the GB Market Analysis Software, the price of ADA will rise in the next 48 hours in the date range (2022-06-13, 02:00:00 GMT + 2 – 2022-06-15, 02:00:00 GMT + 2). A confirmation of the signal playing out will be when the price of ADA reaches $0.549692. This is also the identified price entry for the trade.
The current support levels for ADA/USDT are $0.466133 (first support level), $0.441867 (second support level), and $0.394433 (third support level). Meanwhile, the current resistance levels for ADA/USDT are $0.537833 (first resistance level), $0.585267 (second resistance level), and $0.609533 (third resistance level).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 8 in terms of the biggest cryptocurrency by market cap after dropping 2 positions, according to CoinMarketCap. ADA experienced a 24-hour loss of 14.67% to take its price down to $0.4437. This also puts its total market cap at $15,025,782,664.
ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $1,864,110,696, which is a 21.74% dip.
The price of Cardano has now set a new 24-hour low of $0.4417, with its 24-hour high at $0.5459.
In comparison to BTC and ETH, ADA has weakened against BTC by 3.26% and strengthened against ETH by 3.51%. As things stand, one ADA is worth around 0.00001825 BTC and 0.0003661 ETH.
The recent crash in the crypto market over the weekend may be a result of investors fearing the global economic impact of the potential war between China and Taiwan.
Nevertheless, 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.
Cardano (ADA) Price: Technical Overview
ADA approaches lower bound of range (Source: CoinMarketCap)
Looking at the daily chart for ADA/USDT, the price of ADA is now lingering around the lower bound of the channel established over the last few weeks. This follows after ADA’s price posted 4 consecutive red candles on the daily chart. This is the third time that ADA will test this level since the channel was established on the daily chart.
One thing to note is that the previous 2 tests of this level were followed by price upswings towards the upper bound of the channel at around $o.6351. This is also the price at which the 50 EMA currently sits, as the 20 EMA line is currently pushing the price of ADA down.
Another key indicator to be aware of is the RSI line position below the RSI SMA line and its negative slope, which are both bearish signs. However, the RSI indicates that ADA is in the oversold territory, which may mean that bulls will seize the opportunity and take the price back up.
Should we see a mini-rally from this point, it is safe to say that we will see it target the upper bound of the channel, which will be around a 41% move.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the price hitting the bottom of the channel and the RSI indicating that ADA is oversold, we could see ADA’s price rise over the next 48 hours. However, investors should practice caution as the price of ADA has tested this level twice already and may fall lower if the level is not able to hold up.
Once again, the signal confirmation will be the price of ADA hitting $0.549692 – 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.