• ADA experienced a 24-hour gain of 2.74% to take its price up to $0.4868.
• The daily chart suggests bears are fighting back to keep ADA’s price below the 9 EMA line.
• The price of ADA may fall in the next 48 hours as the weekend approaches.

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 (2022-06-24, 02:00:00 GMT + 2 – 2022-06-26, 02:00:00 GMT + 2). The confirmation that the signal is playing out will be when the price of ADA falls to $0.45895833. This is also the identified price entry for the trade.

The support levels for ADA/USDT identified by the GB Market Analysis Software are $0.46316667 (first support), $0.44633333 (second support), and $0.43636667. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.48996667 (first resistance), $0.49993333 (second resistance), and $0.51676667 (third resistance).

Cardano (ADA) Price: Current Market Standing

Cardano (ADA) is ranked number 6 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap. The token experienced a 24-hour gain of 2.74% to take its price up to $0.4868. This also puts its total market cap at $16.41 billion.

ADA has also seen an increase in its total 24-hour trading volume as the figure now stands at $837,331,391, which is a 4.88% rise over the last day.

The price of Cardano is nearer to its 24-hour high of $0.4989, with its 24-hour low at $0.4645.

In comparison to BTC and ETH, ADA has strengthened against BTC by 1.42% and has weakened against ETH by 0.50%. As things stand, one ADA is worth around 0.00002341 BTC and 0.0004289 ETH.

Despite the 24-hour rise in ADA’s price, it is still down by an equal margin over the last 7 days. According to CoinMarketCap, ADA’s price is down 2.29% from last week’s price.

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 Overview

Daily chart for ADA/USDT (Source: CoinMarketCap)

The daily chart for ADA/USDT shows the price of ADA attempting to break above the 9 Exponential Moving Average (EMA) line. However, the current candle’s wick suggests that bears will persist in not allowing the cross above the line to happen as they fight back to push the price down.

Another thing to take note of is the 9 and 20 Exponential Moving Averages (EMAs). Currently, the two lines signal a bearish sign as the 9 EMA line finds itself below the 20 EMA line. The gap between the two lines is shrinking however as the price moves about in the price channel identified on the chart.

Lastly, the Relative Strength Index (RSI), which is a slower momentum oscillator, is positioned above the RSI SMA line. This is a bullish flag. Not only that but the RSI line is sloped positively as well. The relative position and gradient of the RSI line could suggest that ADA will head towards the overbought territory.

If the price of ADA is unable to break above the 9 EMA line on the daily chart then we could see its price consolidate or drop to the lower bound of the price channel at $0.4991. If this were to happen, we would also see the RSI drop below the RSI SMA line and head for oversold territory.

Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the end of the week approaching as well as bears trying to keep the price of ADA below the 9 EMA line, the price of ADA may fall further in the next 48 hours.

Once again, the signal confirmation will be the price of ADA hitting $0.45895833 – 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.