- ADA’s price rebounds slightly from the bottom of the channel established on the daily chart.
- ADA experienced a 24-hour loss of 5.64% to take its price down to $0.429225.
- Investors should brace for a potential further price drop in ADA.
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.
GB Market Analysis Software signals ADA as a buy (Source: GreenBot)
According to the GB Market Analysis Software, the price of ADA
may fall in the next 48 hours in the date range (2022-06-15, 02:00:00 GMT + 2 – 2022-06-17, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.429225. This is also the identified price entry for the trade.
The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.44 (first support), $0.3969 (second support), and $0.3569. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.5231 (first resistance), $0.5631 (second resistance), and $0.6062 (third resistance).Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 7 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap. The token experienced a 24-hour loss of 5.64% to take its price down to $0.4619. This also puts its total market cap at $15,611,937,781.
ADA has seen a drop in its total 24-hour trading volume as the figure now stands at $1,806,198,998, which is a 31.17% dip.
The price of Cardano is nearer to its 24-hour low of $0.4546, with its 24-hour high at $0.5174.
In comparison to BTC and ETH, ADA has weakened against BTC by 0.38% and strengthened against ETH by 2.14%. As things stand, one ADA is worth around 0.00002183 BTC and 0.0004116 ETH.
The recent fall in ADA’s price over the last few hours could be a retracement after ADA’s price jumped just over 4% yesterday.
Nevertheless, 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.Cardano (ADA) Price: Technical OverviewADA rebounds from lower bound of range (Source: CoinMarketCap)
The daily chart for ADA/USDT shows how the price of ADA rebounded slightly from the lower bound of the price channel with the range of $0.4491 to $0.6267. However, the candle for today is red as bears try to restrict the rebound’s effect on the price.
Looking at the technical indicators, the Relative Strength Index (RSI) and the 20 and 50 Exponential Moving Average (EMA) lines.
The RSI is positioned below the RSI SMA line and currently sits between oversold and overbought territory at 38.14 but is much closer to oversold territory. The slope of the RSI line is also negative at the moment which indicates that the RSI may drop slightly lower – taking the price along with it.
The 20 EMA is also positioned below the 50 EMA which is another bearish flag on the chart. One thing to note is that the 50 EMA is slightly below the upper bound of the price channel and the 20 EMA is approaching a key level established in the price channel formation. This could see the price of ADA rise in the coming days or could be followed by a further drop in price.
Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the price rebounding from the bottom of the channel slightly and the RSI closer to oversold, we could see ADA’s price fall over the next 48 hours.
Once again, the signal confirmation will be the price of ADA hitting $0.429225 – a level between the first and second support 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.
