- ADA’s price has risen 0.25% over the last 24 hours.
- The altcoin’s price is currently oscillating in a consolidation zone on the 4-hour chart.
- Technical indicators on ADA’s daily chart suggest that its price will drop in the next 24-48 hours.
Cardano is a proof-of-stake (PoS) blockchain platform designed to act as an efficient alternative to proof-of-work (PoW) networks. Recently, accusations have been made on Twitter that Cardano is too centralized, with its parent company Input Output Hong Kong (IOHK) set up in such a way that it will always have control over the network.
The founder and CEO of Cardano, Charles Hoskinson, recently snapped back at critics following the collapse of the recent crypto bank failure. In a tweet, Hoskinson made a comparison between the operations of crypto firms such as Circle, Paxos, and Tether with those of traditional banks.
He emphasized that these firms have endured under conditions that have largely caused traditional banks to fail. Hoskinson also inferred that despite the resilience of these crypto companies, the general public’s perception of crypto has not changed a bit.
Data released by IntoTheBlock recently shows that the volume of large transactions, which are transactions greater than $100,000, on the Cardano (ADA) Network returned to above 30 billion ADA this week. The last time this was seen was more than 9 months ago on May 31, 2022.
Something to note is that the volume of transactions on the Cardano Network has increased while the number of transactions has remained within mean values. A conversion of these volumes from ADA to USD terms shows that the volume totals approximately $11 billion with the current price of ADA.
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 gain of 0.25%, taking its price up to $0.3421 at press time. The Ethereum-killer’s market cap currently stands at $11.879 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $310.436 million following a 24-hour increase of 4.15%. Furthermore, the price of ADA is nearer to its 24-hour low at $0.3372. The altcoin’s daily high stands at $0.3527.
The 24-hour rise in ADA’s price has added to the altcoin’s positive weekly price performance. At press time, ADA’s price is up 0.76% over the last 7 days.
Cardano (ADA) Technical Overview
4-hour chart for ADA/USDT (Source: TradingView)
ADA’s price is oscillating between the range of $0.3168 and $0.3600 as can be seen on its 4-hour chart. In addition, ADA’s price has printed higher lows since 12 March 2023, up until today. This has resulted in a neutral wedge chart pattern forming which suggests that ADA’s price could move in either direction in the next 24 hours.
One key indication of which direction ADA will move in the next 24 hours will be the current 4-hour candle. Should ADA’s price close the current 4-hour cycle below the ascending trend line then ADA’s price will break the higher low trend that it has been in for the last 2 weeks.
ADA’s price has already broken below the trend line in the current 4-hour cycle, and reached a low of $0.3343. This could suggest that the altcoin’s price is reaching a tipping point and will descend in the next 24-48 hours.
Technical indicators support this bearish thesis. This is especially true for the 9 and 20 EMA lines on ADA’s 4-hour chart. At press time, the shorter EMA is looking to cross below the 20 EMA line on the 4-hour chart. Should this happen, it will signal that ADA’s price has entered into a short-term bearish cycle.
Should the 9 EMA cross below the 20 EMA line in the next 4-8 hours, then ADA’s price will drop to the lower bound of the previously-mentioned range of $0.3168 and $0.3600 in the next 24 hours.
Fortunately, ADA’s price may not remain at this level for long given that the level is also a demand zone. As a result, the price of ADA will likely recover from any drop in price in the next 24-48 hours.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s daily chart is looking bearish at press time. Similar to the 4-hour chart, the 9 EMA is looking to cross below the 20 EMA line on ADA’s daily chart. A rising wedge has also formed on ADA’s daily chart after the altcoin printed higher lows and lower highs over the last since March 12, 2023.
This rising wedge chart pattern is a bearish chart pattern that supports the thesis that ADA’s price will likely drop in the next 24-48 hours. ADA’s price has already broken below this bearish chart pattern, but bulls were able to elevate ADA’s price back into the chart pattern.
There is also a larger ascending wedge pattern forming on ADA’s daily chart. This adds support to the bearish thesis for the altcoin.
Confirmation of the bearish thesis will be when ADA’s price loses the support level at $0.3347. Should this happen, it will likely drop to the next support level at $0.3029 in the next 24-48 hours.
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.
The post Cardano (ADA) Price Prediction: What to Expect in the Next 48 Hours appeared first on Coin Edition.