- Cardano’s (ADA) price has experienced a 24 hour gain of 1.37% to take its price up to $0.4989.
- The daily RSI line for ADA has sloped negatively towards the RSI SMA line.
- The price of ADA may fall 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 | SELL | 67.97% | 2022-07-22, 02:00:00 – 2022-07-24, 02:00:00 | 0.50 | 0.51 | 0.478300 | 0.482500 | 0.465700 | 0.455800 | 0.509200 | 0.519100 | 0.535900 |
The GB Market Analysis Software has signaled that the price of ADA may fall in the next 48 hours in the date range (2022-07-22, 02:00:00 GMT + 2 – 2022-07-24, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.4783. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.4825 (first support), $0.4657 (second support), and $0.4558. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.5092 (first resistance), $0.5191 (second resistance), and $0.5359 (third resistance).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 8 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour gain of 1.37% to take its price up to $0.4989. This also puts its total market cap at roughly $16.94 billion.
ADA has seen a decrease in its total 24-hour trading volume as the figure now stands at $801,942,697 which is a 43.07% drop over the last day.
The price of Cardano is nearer to its 24-hour high of $0.5042, with its 24-hour low at $0.4772.
In comparison to BTC and ETH, ADA has strengthened against BTC by 0.97% and has weakened against ETH by 5.04%. As things stand, one ADA is worth around 0.00002158 BTC and 0.0003128 ETH.
ADA’s price is not only up over the past 24 hours as it posted a weekly gain of 13.04% as well, with the 24-hour price performance adding gains to its 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)
The price of ADA has leveled off after entering into a steep ascent, as can be seen by the sloped price channel present on the daily chart for ADA/USDT. The mini-rally saw ADA’s price reach a high of $0.5487 before being hit with sell pressure to see it close the day off at $0.4910 – a 4.70% decrease.
Since then, ADA’s price has dropped to around the $0.493 level where it has leveled off somewhat. Its price is also looking to break out of the diagonal price channel, with no indication that bulls will attempt to re-challenge the resistance at $0.5513 any time soon.
The Relative Strength Index (RSI) has changed its positive slope to negative which is a bearish flag if it is unable to keep its position above the RSI SMA line.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as ADA’s price failing to challenge the resistance level at $0.5513, and the slope of the RSI line turning negative, the price of ADA may fall over the coming 48 hours.
Once again, the signal confirmation will be when the price of ADA rises to $0.4783. This is a level between the first and second support 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.