- ADA’s price is down 1.83% over the last 24 hours.
- The altcoin’s price is looking to retest the resistance level at $0.3888.
- Technical indicators suggest that ADA’s price will rise in the coming 24-48 hours.
Cardano 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 Bitcoin are limited by the infrastructure burden of growing costs, energy use, and slow transaction times.
Current Market Standing
Cardano (ADA) is ranked as the 8th biggest project in terms of market cap, according to CoinMarketCap, and experienced a 24-hour price drop of 1.83% – taking its price down to $0.3861 at press time. The Ethereum-killer’s market cap currently stands at $13.35 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $303,771 million. Furthermore, the price of ADA is nearer to its 24-hour high at $0.392212. The altcoin’s daily low stands at $0.379802.
Despite ADA’s price dropping over the last 24 hours, the weekly performance for the altcoin’s price remains in the green at +7.33%.
ADA’s price is attempting to overcome the resistance level at around $0.3888. Yesterday, the altcoin’s price attempted to break above the level but was brought back down by an avalanche of sell volume that saw ADA’s price close yesterday’s trading session at $0.3819.
Technical indicators on ADA’s daily chart suggest that ADA’s price will break above the aforementioned resistance level again soon. One such technical indicator is the 9-day EMA line which is bullishly positioned above the 20-day EMA line and is currently holding ADA’s price up.
In addition to the bullish flag present with the 9-day and 20-day EMA lines, the daily RSI indicator is also showing early signs of a bullish flag. Currently the daily RSI line is sloped positively towards overbought territory. However, the daily RSI line is positioned below the daily RSI SMA line, which is a bearish flag.
Should the daily RSI line cross above the daily RSI SMA line, then ADA’s price may have enough bullish momentum to break above the resistance level at $0.3888. If bulls step in following the break above the resistance level, then ADA’s price will look to target $0.4167. On the other hand, weak bull activity after the break above the resistance may result in a fake out.
Given that ADA’s price is currently being squeezed by the 9-day EMA and the $0.3888 resistance, it’s fair to say that there will be a breakout in ADA’s price in the coming 24-48 hours. This breakout may be towards the upside as technical indicators suggest that there is bullish support for the altcoin.
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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