- ADA’s price was able to gain more than 8% over the last 24 hours.
- The altcoin’s price successfully challenged multiple resistance levels in the past day.
- Technical indicators currently suggest that there may be a small retracement in ADA’s price.
Book.io, a Cardano-based project, has attracted prominent investors in the venture capital world, despite the challenging conditions of the crypto winter. The start-up recently disclosed that billionaire investor Mark Cuban is one of its notable investors.
Book.io describes itself as a multi-chain outfit and is dedicated to perpetually making books and media available on-chain in various forms. The books are minted as non-fungible tokens (NFTs) on different chains, with most titles residing on Cardano, as seen on its book minting page.
Co-founded by Joshua Stone and Ben Illian, Book.io has experienced significant growth and also secured investment from the Ingram Content Group. Cuban not only invested money in Book.io but also provided valuable advice and helped the company establish connections.
Cardano (ADA) Current Market Standing
Cardano (ADA) is ranked as the seventh biggest project in terms of market cap, according to CoinMarketCap. It experienced a 24-hour price increase of 8.63%, taking its price up to $0.442 at press time. The Ethereum-killer’s market cap currently stands at $15.367 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $703.345 million, following a 24-hour increase of 89.05%. Furthermore, the price of ADA is nearer to its 24-hour high at $0.4432. The altcoin’s daily low stands at $0.4019.
The 24-hour increase in ADA’s price has pushed the crypto’s positive weekly performance further into the green. As a result, ADA’s weekly price performance stands at around +16.38% at press time.
Cardano (ADA) Technical Overview
4-hour chart for ADA/USDT (Source: TradingView)
The price of ADA has surged past the resistance level at $0.4072 over the last 24 hours. This break above the key price level happened shortly after the altcoin’s price had been rejected from the resistance level earlier on Tuesday morning. This rejection resulted in ADA’s price dropping to a low of $0.3886 in the early hours of Wednesday morning.
This drop in ADA’s price seems to have been a liquidity building move given that the altcoin’s price entered into a strong rally to trade at its current level shortly after losing the support of the $0.3930 mark.
Not only has ADA’s price comfortably broken above the key resistance level at $0.4072, it currently also finds itself trading above the long-standing positive price channel that has established on ADA’s charts over the last few weeks.
With ADA’s price trading outside of the positive price channel at press time, it’s fair to say that it is only a matter of time before the altcoin’s price drops back down to trade within the price channel.
Nevertheless, technical indicators on ADA’s 4-hour chart remain bullish at press time. Currently, the 9 EMA line is trading bullishly above the 20 EMA line on the 4-hour chart. In addition, the RSI line on ADA’s 4-hour chart is trading well above the RSI SMA line on the 4-hour chart.
Traders should just take note of the fact that the parabolic move in ADA’s price will likely be followed by a retracement in the next 24-48 hours. The RSI line positioned in overbought territory at press time supports the bearish thesis that ADA’s price will retrace soon.
Daily chart for ADA/USDT (Source: TradingView)
Looking at ADA’s daily chart, the altcoin’s price is currently trading slightly above the key daily resistance level at around $0.4295 after breaking above the level over the last 24 hours. Bears are currently trying to defend the level, which is evident by the wick present on today’s daily candle.
Should ADA’s price close today’s trading session below the aforementioned resistance level, then it will likely drop back down to the closest support level at $0.4075 in the next 24-48 hours. On the other hand, if ADA’s close today is above $0.4295, then the altcoin’s price will look to rise to the next resistance level at $0.4718.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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