- ADA is at a decisive point after rising above 9 and 20 EMA.
- ADA experienced a 5.24% gain in the last 24 hours.
- The price of ADA may fall to as low as $0.55 in the next 48 hours given several factors.
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.
|Instrument||Signal||Probability||Date Range||Open Price||2% Stop Loss||Entry||Supt 1||Supt 2||Supt 3||RESIS 1||RESIS 2||RESIS 3|
|ADAUSDT||SELL||72.28||03-06-2022, 02:00:00 – 05-06-2022, 02:00:00||0.59||0.6018||0.550517||0.557833||0.528567||0.508433||0.607233||0.627367||0.656633|
GB Market Analysis Software signals ADA as a sell (Source: GreenBot)
According to the GB Market Analysis Software, the price of ADA will fall in the next 48 hours in the date range (2022-06-03, 02:00:00 GMT + 2 – 2022-06-05, 02:00:00 GMT + 2). A confirmation of the signal playing out will be when the price of ADA hits $0.550517. This is also the identified price entry for the trade.
The current support levels for ADA/USDT are $0.557833 (first support level), $0.528567 (second support level), and $0.508433 (third support level). Meanwhile, the current resistance levels for ADA/USDT are $0.607233 (first resistance level), $0.627367 (second resistance level), and $0.656633 (third resistance level).
Cardano (ADA) Price: Current Market Standing
Cardano (ADA) is ranked number 6 in terms of the biggest cryptocurrency by market cap, according to CoinMarketCap. ADA experienced a 24-hour gain of 5.24% to take its price up to $0.5916. This also puts its total market cap at $19,989,172,684.
Cardano has been outpacing the rest of the cryptocurrency market with the level and amount of development that the projects team has done during the current bear market. Investors are also waiting in anticipation of the Vasil Hard Fork that will be happening towards the end of this month.
Cardano (ADA) Price: Technical Overview
ADA price breaks above 20 EMA (Source:CoinMarketCap)
Looking at the technicals for ADA/USDT, the price of ADA has risen above the 9 and 20 EMA. These lines have been resistance levels for ADA in the bear market. Following the breakout, the price of SOL retraced slightly and bounced off of the 9 EMA – which is now acting as support for SOL.
Another key thing to note is that the 9 EMA looks to cross above the 20 EMA. If this happens, we could see ADA enter into a short-term bull cycle. However, the RSI is losing its positive slope and may close the gap that it currently has on the RSI SMA line.
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 and a potential fakeout of the price of ADA breaking above the 9 EMA and 20 EMA, the price of ADA could fall below the EMA lines in the next 48 hours. This could take the price down to around $0.55 and $0.50.
Once again, the signal confirmation will be the price of ADA dropping to $0.550517 – 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.