- ADA’s price has risen 0.53% over the last 24 hours according to CoinMarketCap.
- Technical indicators on ADA’s 4-hour chart suggest that ADA’s price could drop in the next 24 hours.
- The altcoin’s price needs to overcome a key daily resistance level before it can continue climbing.
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.
Several banking giants, including Credit Suisse, have been impacted by the recent turmoil in the traditional financial market and had to be sold. However, the crypto market appears to be holding up well despite the turbulence.
Charles Hoskinson, the founder of Cardano (ADA), recently shared an anecdote about his experience with Credit Suisse. Back in 2014, when he was the CEO of Ethereum (ETH) and living in Switzerland, Hoskinson tried to open an account with the bank but was refused. He claimed that Credit Suisse deemed cryptocurrencies too dangerous and unstable to work with, as he shared in a podcast streamed on March 20.
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 0.53%, taking its price up to $0.3668 at press time. The Ethereum-killer’s market cap currently stands at $12.735 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $401.912 million following a 24-hour increase of 39.73%. Furthermore, the price of ADA is nearer to its 24-hour low at $0.364. The altcoin’s daily high stands at $0.3844.
The 24-hour rise in ADA’s price has added to altcoin’s already-positive weekly performance. As a result, ADA’s price is up more than 10% over the last 7 days.
Cardano (ADA) Technical Overview
4-hour chart for ADA/USDT (Source: TradingView)
ADA’s price has lost the support of the 9 EMA line on its 4-hour chart in the last 4-8 hours and is currently resting on the 20 EMA line on the 4-hour chart. Furthermore, the price of ADA is resting on an ascending trend line after it printed higher lows since Tuesday up until today.
Should ADA’s price break below this positive trend line in the next 4-8 hours then it will signal the end of the positive trend. This should result in ADA’s price dropping to the next key support level at around $0.3556.
Technical indicators on ADA’s 4-hour chart suggest that the altcoin’s price will drop in the next 24 hours as the 9 EMA line is bearishly closing in on the longer 20 EMA line on the 4-hour chart. In addition to the bearishness expressed by the 9 and 20 EMA lines on the 4-hour chart, the RSI indicator is also flagging bearish at press time.
Currently, the RSI line on the 4-hour chart is trading below the RSI SMA line on the 4-hour chart. The RSI line is also sloped negatively towards the oversold territory.
Despite the bearish technical flags on ADA’s 4-hour chart, the RSI is in neutral territory at the moment which suggests that ADA’s price could go either way. ADA traders and investors are likely awaiting the outcome of the Durable Goods Orders Announcement which will be made later today.
The forecast for the announcement is 0.6. Should the announcement come in better than expected then the crypto market may enter into a relief rally. If it comes in worse than expected then the price of ADA and prices in the rest of the crypto market may drop around US market open time later today.
Daily chart for ADA/USDT (Source: TradingView)
The daily chart for ADA tells a different story to that of ADA’s 4-hour chart. Currently, technical indicators on ADA’s daily chart are bullish with the 9-day EMA line breaking away above the 20-day EMA line, which is suggestive of growing bullish momentum.
ADA’s price is currently looking to overcome the key daily resistance level at around $0.3719 in the next 24-48 hours. The altcoin’s price has established an ascending price channel on the daily chart after printing higher highs and higher lows over the last 2 weeks. This has taken ADA’s price from a low of $0.3013 to a high of $0.3870 before retracing to its current level.
The daily RSI indicator is flagging slightly bearish at press time, with the daily RSI line sloped negatively towards the oversold territory. Nevertheless, the daily RSI line is still trading above the daily RSI SMA line, which is a bullish sign.
If ADA’s price fails to close today’s trading session above the previously-mentioned resistance level at $0.3719 then it will likely drop to the 9-day EMA line. The bullish momentum present on ADA’s daily chart will likely resurrect ADA’s price after this drop to continue its upward move.
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