• ADA’s price has risen 1.56% in the last 24 hours according to CoinMarketCap.

 

    • The altcoin has entered into an upward move on its 4-hour chart after retracing this past weekend.

 

  • Traders will want to wait for today’s economic data to come out before entering into a trade for ADA.

Cardano’s founder and CEO, Charles Hoskinson, recently shared a fresh take on the comparison between Cardano (ADA) and his former brainchild Ethereum (ETH). Hoskinson acknowledged that ETH is currently the biggest Proof of Stake blockchain by market cap, but highlighted a specialty for ADA which gives it a competitive edge. According to Hoskinson, one major advantage that ADA has over ETH lies in the number of unique wallets participating in ADA’s staking process. ADA’s founder highlighted that there are more than 1.2 million unique wallets involved in ADA’s staking process, while ETH has only 88,400.

 

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 1.56%, taking its price up to $0.3912 at press time. The Ethereum-killer’s market cap currently stands at $13.588 billion.

Meanwhile, ADA’s 24-hour trading volume currently stands at $632.949 million following a 24-hour increase of 123.21%. Furthermore, the price of ADA is nearer to its 24-hour low at $0.3774. The altcoin’s daily high stands at $0.4035.

The 24-hour increase in ADA’s price has added to the altcoin’s already-positive weekly price performance. As a result, the weekly performance for ADA is in the green at +12.06%.

 

Cardano (ADA) Technical Overview

4-hour chart for ADA/USDT (Source: TradingView)

The price of ADA remains in an ascending parallel price channel on its 4-hour chart at press time. It had dipped into the support zone between $0.3712 and $0.3820 on Sunday afternoon. It continued to trade within this zone until the early hours of yesterday morning, where it was able to break out of the zone with a 4.42% surge in price.

ADA’s price seemed poised to challenge the upper bound of the aforementioned price channel – reaching a high of $0.4050. Unfortunately, bears fought back to keep the altcoin’s price at bay. This resulted in ADA’s price retracing 2.93% and then consolidating in the 24 hours that followed.

As a result, the price of ADA is trading just above the 9 and 20 EMA lines on the 4-hour chart, with a large amount of sell volume present in the latest 4-hour cycle.

Should ADA’s price fail to remain above the 9 and 20 EMA lines on its 4-hour chart in the next 24 hours, then ADA’s price will likely drop back into the support zone between $0.3712 and $0.3820. A breach below this channel could see ADA’s price dropping to the lower limit of the current ascending price channel at around $0.2624.

On the other hand, ADA’s price sustaining a position above the 9 and 20 EMA lines on its 4-hour chart in the next 24 hours will see ADA attempt a challenge at the $0.3979 resistance level before potentially making a move toward $0.4072 in the next 24-48 hours.

Daily chart for ADA/USDT (Source: TradingView)

There is also an ascending parallel price channel present on ADA’s daily chart after the altcoin’s price printed higher highs and higher lows over the last 2-3 weeks. Yesterday’s trading session saw ADA’s price drop back into the demand zone between $0.3707 and $0.3824 for a brief period before ADA’s price closed at $0.3872.

ADA’s price has entered into an upward move in the last 48 hours after retracing more than 4% this past weekend. The altcoin’s price now needs to break the resistance level at around $0.3926 before traders should consider entering into a long position for ADA in the next 24-48 hours.

ADA’s price has already broken above this resistance level in today’s trading session but was brought back down by bears shortly thereafter.

Should ADA’s price enter back into the demand zone between $0.3707 and $0.3824 in the next 24 hours, and bulls don’t step in to support ADA’s price, then the crypto’s price will likely drop to the nearest key support level at $0.3574.

The JOLTs Jobs Opening data is being released later today which could impact ADA’s price in the next 24 hours. It may be best to wait for the outcome of this economic data before entering into a trade. Should the data come out better than expected, it will confirm the bullish thesis.

Otherwise, a bearish scenario will play out for ADA’s price which will see it dip back into the demand zone currently present on its daily chart.

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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