- ADA’s price has risen 1.54% over the last 24 hours – adding to its weekly gain of 7+%.
- Technical indicators on ADA’s 4-hour and daily charts suggest that ADA’s price will rise.
- Should ADA’s price close today above the 9-day EMA line then the altcoin’s price will rise in the next 24-48 hours.
Cardano is a proof-of-stake (PoS) blockchain platform designed to act as an efficient alternative to proof-of-work (PoW) networks. Recently, accusations have been made on Twitter that Cardano is too centralized, with its parent company Input Output Hong Kong (IOHK) set up in such a way that it will always have control over the network.
The founder and CEO of Cardano, Charles Hoskinson, recently snapped back at critics following the collapse of the recent crypto bank failure. In a tweet, Hoskinson made a comparison between the operations of crypto firms such as Circle, Paxos, and Tether with those of traditional banks.
He emphasized that these firms have endured under conditions that have largely caused traditional banks to fail. Hoskinson also inferred that despite the resilience of these crypto companies, the general public’s perception of crypto has not changed a bit.
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 gain of 1.54%, taking its price up to $0.3311 at press time. The Ethereum-killer’s market cap currently stands at $11.492 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $337.530 million following a 24-hour decrease of 39.30%. Furthermore, the price of ADA is nearer to its 24-hour high at $0.3323. The altcoin’s daily low stands at $0.321.
The 24-hour rise in ADA’s price has added to the altcoin’s positive weekly price performance. At press time, ADA’s price is up 7.60% over the last 7 days.
Cardano (ADA) Technical Overview
4-hour chart for ADA/USDT (Source: TradingView)
ADA’s price broke below the $0.3417 support level on Wednesday morning. The break below this level saw ADA’s price dip to just below the next support level at $0.3183 – reaching a low of $0.3157 on Wednesday evening. Fortunately, bulls were able to boost the altcoin’s price to close Wednesday evening’s 4-hour trading session above the $0.3157 mark.
ADA”s price is currently trading below the 9 and 20 EMA lines on its 4-hour chart. Furthermore, the two EMA lines signaled that ADA’s price had entered into a short-term bearish cycle after the shorter EMA line closed below the longer 20 EMA line on Thursday morning.
Since the two EMA lines have crossed, the altcoin’s price has been in a brief consolidation channel between the 9 EMA line on ADA’s 4-hour chart and the key support level at $0.3157.
At press time, ADA’s price has broken out above this consolidation zone by breaching the 9 and 20 EMA lines on its 4-hour chart after a 1.82% spike in ADA’s price in the early hours of this morning.
Bulls and bears are currently in a battle with each other, as bulls are attempting to elevate ADA’s price to the previously-mentioned price level at $0.3417 while bears are currently attempting to bring the altcoin’s price back below the 9 and 20 EMA lines on the 4-hour chart.
The RSI indicator on the 4-hour chart shows that bulls have a slight upper hand given that the RSI line is positioned above the RSI SMA line. Furthermore, the RSI line on ADA’s 4-hour chart is sloped slightly positively – suggesting that there is more buying pressure than selling pressure at press time.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price broke away from the multi-week bearish trend this past Sunday after printing an astonishing 8+% gain at the end of Sunday’s trading session. This allowed the altcoin’s price to break above the 9-day EMA line which crossed below the 20-day EMA line on 24 February 2023, and has acted as a strong resistance level for ADA’s price since then.
ADA’s price continued its bullish streak this past Monday and printed a 4+% gain for the day. The altcoin’s price reached a high of $0.3517 on Monday before closing just above the 20-day EMA line at $0.3433.
Bulls attempted one final pump in ADA’s price on Tuesday, which elevated it to a daily high of $0.3677. Unfortunately, traders took profit on Tuesday – forcing ADA’s price to close the day’s trading session at $0.3429.
The day that followed saw ADA’s price lose the support of the 20-day EMA line and drop more than 5%. This also forced ADA’s price below the 9-day EMA line.
At press time, technical indicators on ADA’s daily chart suggest that ADA’s price will rise in the coming 24-48 hours. The daily RSI indicator supports this bullish thesis as the daily RSI line is sloped positively towards overbought territory. Furthermore, the daily RSI line is positioned bullishly above the daily RSI SMA line.
Should ADA’s price close today’s trading session above the 9-day EMA line, then the bullish thesis will likely play out and ADA will make a move towards the 20-day EMA line at around $0.3388.
On the other hand, if ADA’s price closes today’s session below the 9-day EMA level, then the altcoin’s price may make a move towards the key support level at $0.3028 in the next 24-48 hours.
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.
The post Cardano (ADA) Price Prediction: What to Expect in the Next 48 Hours appeared first on Coin Edition.