Cardano (ADA) Price Prediction: What to Expect in the Next 48 Hours By CoinEdition
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Cardano (ADA) Price Prediction: What to Expect in the Next 48 Hours- ADA’s price has dropped by a slight 0.37% over the last 24 hours.
- The altcoin’s price is in a temporary consolidation phase as traders await the FOMC Meeting outcome.
- The FOMC meeting outcome may have a negative impact on ADA’s price.
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 are limited in terms of scale because of the high amounts of energy they use as well as the slow transaction times.
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 drop of 0.37%, taking its price down to $0.4028 at press time. The Ethereum-killer’s market cap currently stands at $13.957 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $356.814 million. Furthermore, the price of ADA is nearer to its 24-hour low at $0.4012. The altcoin’s daily high stands at $0.4092.
Despite the 24-hour drop in ADA’s price, the altcoin’s weekly price performance remains in the green at +13.07%.
Cardano (ADA) Technical Overview
4-hour chart for ADA/USDT (Source: TradingView)
The price of ADA has broken below the positive trend line established on its charts and has entered a consolidation phase over the last 24-48 hours. The altcoin’s price has its scope set on the support level at around $0.3978 but bulls are attempting to defend the level, as evident by the wick supporting the current 4-hour candle.
ADA’s price is trading below the 9 and 20 EMA lines on the 4-hour chart. Should the altcoin’s price fail to break above these two EMA levels in the next 24 hours then ADA’s price will likely get squeezed by the two EMA lines and the support level at $0.3978.
Technical indicators do currently favor bears at press time, given the narrowing margin that exists between the 9 and 20 EMA lines on ADA’s 4-hour chart.
A bearish cross with these two lines, which will be when the 9 EMA line crosses below the 20 EMA line, will see the price of ADA drop below the aforementioned support level and look to target the next support level at around $0.3925.
Traders may want to keep an eye on the RSI indicator on ADA’s 4-hour chart as there is a slight bullishness expressed by the indicator, with the RSI line sloped positively towards the overbought territory. This early-stage bullishness will only be a factor for ADA’s price once the RSI line crosses above the RSI SMA line.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price briefly dropped below the 9-day and 20-day EMA lines yesterday but recovered quickly to close the day’s trading session off at $0.4038 – back above the two EMA lines.
ADA traders are currently in limbo as they await the FOMC meeting results which will be released tomorrow.
Traders will most likely stay out of the market for the next 24 hours until the FOMC announcement is made. This is because the results of previous FOMC meetings have had a significant impact on the prices of cryptos in the previous days.
Should the FOMC meeting results have a positive impact on the crypto market, then the first upside target which ADA’s price will target is $0.4374. Thereafter, the next upside target for the altcoin’s price will be the resistance level at around $0.4818.
On the other hand, a negative outcome with tomorrow’s FOMC meeting will see ADA’s price look to target the daily support level at $0.3882. Thereafter, the next target will be $0.3692.
Should the FED announce another interest rate hike, it will have a negative impact on the crypto markets – causing ADA’s price to drop in the next 24-48 hours. However, this potential interest rate hike announcement may have a weaker negative effect on the crypto market compared to previous hike announcements.
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.
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Cardano (ADA) Price Prediction: What to Expect in the Next 48 Hours- ADA’s price has dropped by a slight 0.37% over the last 24 hours.
- The altcoin’s price is in a temporary consolidation phase as traders await the FOMC Meeting outcome.
- The FOMC meeting outcome may have a negative impact on ADA’s price.
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 are limited in terms of scale because of the high amounts of energy they use as well as the slow transaction times.
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 drop of 0.37%, taking its price down to $0.4028 at press time. The Ethereum-killer’s market cap currently stands at $13.957 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $356.814 million. Furthermore, the price of ADA is nearer to its 24-hour low at $0.4012. The altcoin’s daily high stands at $0.4092.
Despite the 24-hour drop in ADA’s price, the altcoin’s weekly price performance remains in the green at +13.07%.
Cardano (ADA) Technical Overview
4-hour chart for ADA/USDT (Source: TradingView)
The price of ADA has broken below the positive trend line established on its charts and has entered a consolidation phase over the last 24-48 hours. The altcoin’s price has its scope set on the support level at around $0.3978 but bulls are attempting to defend the level, as evident by the wick supporting the current 4-hour candle.
ADA’s price is trading below the 9 and 20 EMA lines on the 4-hour chart. Should the altcoin’s price fail to break above these two EMA levels in the next 24 hours then ADA’s price will likely get squeezed by the two EMA lines and the support level at $0.3978.
Technical indicators do currently favor bears at press time, given the narrowing margin that exists between the 9 and 20 EMA lines on ADA’s 4-hour chart.
A bearish cross with these two lines, which will be when the 9 EMA line crosses below the 20 EMA line, will see the price of ADA drop below the aforementioned support level and look to target the next support level at around $0.3925.
Traders may want to keep an eye on the RSI indicator on ADA’s 4-hour chart as there is a slight bullishness expressed by the indicator, with the RSI line sloped positively towards the overbought territory. This early-stage bullishness will only be a factor for ADA’s price once the RSI line crosses above the RSI SMA line.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price briefly dropped below the 9-day and 20-day EMA lines yesterday but recovered quickly to close the day’s trading session off at $0.4038 – back above the two EMA lines.
ADA traders are currently in limbo as they await the FOMC meeting results which will be released tomorrow.
Traders will most likely stay out of the market for the next 24 hours until the FOMC announcement is made. This is because the results of previous FOMC meetings have had a significant impact on the prices of cryptos in the previous days.
Should the FOMC meeting results have a positive impact on the crypto market, then the first upside target which ADA’s price will target is $0.4374. Thereafter, the next upside target for the altcoin’s price will be the resistance level at around $0.4818.
On the other hand, a negative outcome with tomorrow’s FOMC meeting will see ADA’s price look to target the daily support level at $0.3882. Thereafter, the next target will be $0.3692.
Should the FED announce another interest rate hike, it will have a negative impact on the crypto markets – causing ADA’s price to drop in the next 24-48 hours. However, this potential interest rate hike announcement may have a weaker negative effect on the crypto market compared to previous hike announcements.
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.
See original on CoinEdition
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