- Cardano’s (ADA) price experienced a 24-hour gain of 3.06% to take its price up to $0.4737.
- Several bullish flags are present on the daily chart for ADA/USDT.
- The price of ADA may rise over 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 |
| ADA/USDT | BUY | 55.93% | 2022-07-18, 02:00:00 – 2022-07-20, 02:00:00 | 0.45 | 0.4410 | 0.465342 | 0.437933 | 0.428067 | 0.414033 | 0.461833 | 0.475867 | 0.485733 |
The GB Market Analysis Software has signaled that the price of ADA may rise in the next 48 hours in the date range (2022-07-18, 02:00:00 GMT + 2 – 2022-07-20, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA reaches $0.46534167. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.43793333 (first support), $0.42806667 (second support), and $0.41403333. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.46183333 (first resistance), $0.47586667 (second resistance), and $0.48573333 (third resistance).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 8 in CoinMarketCap’s list of the biggest cryptocurrencies by market cap. ADA experienced a 24-hour gain of 3.06% to take its price up to $0.4737. This also puts its total market cap at roughly $15.95 billion.
ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $845,606,302 which is a 25.24% rise over the last day.
The price of Cardano is nearer to its 24-hour high of $0.474, with its 24-hour low at $0.4438.
In comparison to BTC and ETH, ADA has weakened against BTC by 0.44% and has weakened against ETH by 3.40%. As things stand, one ADA is worth around 0.0000214 BTC and 0.0003272 ETH.
ADA’s price is not only up over the past 24 hours as it posted a weekly gain of 5.45% as well, with the 24-hour price performance adding gains to the weekly performance.
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 has recently broken above the 9 and 20 Exponential Moving Average (EMA) lines as can be seen from the daily chart above. This comes after ADA’s price closed the last four out of five days in the green, leading to a multi-day positive sequence. The last red candle was yesterday as the 9 and 20 EMA lines tried a last-stitch effort to keep ADA’s price down.
After the resistance at the 9 and 20 EMA lines yesterday that saw the day close in the red, ADA’s price has fought back to comfortably break above the 9 and 20 EMA lines to reach its current level.
The bullish spike has also seen the MACD indicator signal bullish as the MACD line has not only crossed above the MACD signal line but is now also breaking away from the signal line as the histogram gradient becomes more positive.
Another bullish flag to note is the 9 EMA line looking to cross above the 20 EMA line. Should the 9 EMA cross above the 20 EMA, the price of ADA may climb to the next level at $0.5.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the MACD breaking away from the MACD signal line and the 9 EMA looking to cross above the 20 EMA line, ADA’s price may rise over the next 48 hours.
Once again, the signal confirmation will be when the price of ADA rises to $0.46534167. This is a level between the first and second resistance levels identified by the GB Market Analysis 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.