• ADA experienced a 24-hour gain of 0.90% to take its price up to $0.4692.
  • The 9 EMA line has crossed below the 20 EMA line on the daily chart for ADA/USDT.
  • The price of ADA may drop 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.

GB Market Analysis Software signals ADA as a sell(Source: GreenBot)

The GB Market Analysis Software has signaled that the price of ADA may fall in the next 48 hours in the date range (2022-07-08, 02:00:00 GMT + 2 – 2022-07-10, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.46155833. This is also the identified price entry for the trade.

The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.46476667 (first support), $0.45193333 (second support), and $0.44296667. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.48656667 (first resistance), $0.49553333 (second resistance), and $0.50836667 (third resistance).

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 0.90% to take its price up to $0.4692. This also puts its total market cap at $15.87 billion.

ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $776,886,432 which is a 39.67% rise over the last day.

The price of Cardano is nearer to its 24-hour low of $0.4623, with its 24 hour high at $0.4909.

In comparison to BTC and ETH, ADA has weakened against BTC by 4.53% and has weakened against ETH by 2.75%. As things stand, one ADA is worth around 0.0.00002171 BTC and 0.0003833 ETH.

ADA is not only up over the last 24 hours, but its price is also up around 4.69% over the past 7 days.

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. Recently, Cardano’s Vasil upgrade has gone live on the ADA testnet.

Technical Overview

Daily chart for ADA/USDT (Source:CoinMarketCap)

Looking at the daily chart for ADA/USDT, a descending triangle has formed which suggests that the price of ADA may dip slightly. The triangle chart pattern was formed back in early May of this year and has played out since then. However, the price of ADA has not reached the apex of the chart pattern yet. This suggests that it may still be too early for ADA investors to get excited.

As the price of ADA approached the apex of the chart pattern, the volatility in its price cooled down. This could be a setup for a large breakout once ADA has reached the apex. Seeing that the bear market has had a significant toll on ADA’s price, an upswing is more probable than a downswing if there is a breakout out of the chart pattern.

There are several bearish flags present on ADA’s daily chart such as the RSI line sloped negatively and closing the gap between itself and the RSI SMA line. Furthermore, the 20 EMA line has crossed above the 9 EMA line, which indicates that ADA’s price has entered into a short-term bearish cycle.

Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the 20 EMA crossing above the 9 EMA and the RSI sloped negatively, the price of ADA may fall in the next 48 hours.

Once again, the signal confirmation will be the price of ADA hitting $0.46155833 – 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.