- Cardano (ADA) has experienced a 24-hour drop of 4.88% to take its price down to $0.4945.
- ADA’s daily chart is still bullish when taking a look at technical indicators.
- 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 | 61.56% | 2022-07-25, 02:00:00 – 2022-07-27, 02:00:00 | 0.51 | 0.4998 | 0.533708 | 0.502067 | 0.492133 | 0.474767 | 0.529367 | 0.546733 | 0.556667 |
The GB Market Analysis Software has signaled that the price of ADA may rise in the next 48 hours in the date range (2022-07-25, 02:00:00 GMT + 2 – 2022-07-27, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA reaches $0.53370833. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.50206667 (first support), $0.49213333 (second support), and $0.47476667. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.52936667 (first resistance), $0.54673333 (second resistance), and $0.55666667 (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 has experienced a 24-hour drop of 4.88% to take its price down to $0.4945. This also puts its total market cap at roughly $16.675 billion.
ADA has seen a decrease in its total 24-hour trading volume as the figure now stands at $862,722,000 which is a 7.56% drop over the last day.
The price of Cardano is nearer to its 24-hour low of $0.4903, with a 24-hour high of $0.5341.
In comparison to BTC and ETH, ADA has weakened against BTC by 1.51% and has strengthened against ETH by 0.40%. As things stand, one ADA is worth around 0.0000225 BTC or 0.0003242 ETH.
Despite ADA’s price being down over the past 24 hours, its weekly performance is still in the green as ADA’s price is up by 4.45% over the last week.
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 daily chart for ADA/USDT shows that ADA’s price has dropped to the 9 Exponential Moving Average (EMA) line after tapping resistance the 2 days prior.
The daily chart for ADA is still fairly bullish as the 9 EMA line is positioned above the 20 EMA line, and the Relative Strength Index (RSI) is positioned above the RSI SMA line. However, the RSI line is sloped negatively toward the RSI SMA line and oversold territory, which is a bearish indication that investors and traders need to keep an eye on.
The 9 EMA line is holding up ADA’s price at the moment – acting as a support for its price. This follows after the 9 EMA crossed above the 20 EMA line on the 18th of July. The cross above the EMA line took ADA’s price to set a move high of $0.55.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as ADA’s price being held up by the 9 EMA line, as well as the RSI line positioned above the RSI SMA line, and the 9 EMA line positioned above the 20 EMA line, the price of ADA may rise over the next 48 hours.
Once again, the signal confirmation will be when the price of ADA rises to $0.53370833. 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.