Cardano (ADA) Price Prediction: What to Expect in the Next 48 Hours

• ADA’s price has risen in the last 24 hours according to CoinMarketCap.
• An ascending wedge chart pattern has formed on ADA’s daily chart.
• Technical indicators suggest that the altcoin’s price will rise in the next 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.

Cardano (ADA) 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 gain of 1.56% – taking its price up to $0.3925 at press time. The Ethereum-killer’s market cap currently stands at $13.57 billion.

Meanwhile, ADA’s 24-hour trading volume currently stands at $323,980 million. Furthermore, the price of ADA is nearer to its 24-hour high at $0.398960. The altcoin’s daily low stands at $0.385414.

The 24-hour gain that ADA’s price printed has added to the positive weekly price movement for the crypto. At press time, the price of ADA is up 5.28% over the last 7 days.

Cardano (ADA) Technical Overview

Looking at the 4-hour chart for ADA/USDT, ADA’s price is resting on the support level at around $0.3905. Furthermore, the altcoin’s price is being held up by the 9 EMA line on the 4-hour chart – offering ADA’s price some additional support.

The current position of the 9 EMA line on ADA’s 4-hour chart relative to the 20 EMA line is a bullish flag, with the shorter EMA positioned above the longer 20 EMA line.

Despite the bullish positioning of the 9 and 20 EMA lines on ADA’s 4-hour chart, the 4-hour RSI indicator is signaling some bearishness currently, as the 4-hour RSI line is sloped negatively towards the oversold territory and is looking to cross below the 4-hour RSI SMA line.

Should the bearish cross take place between the 4-hour RSI and the 4-hour RSI SMA line, then ADA’s price is at risk of dropping to the 20 EMA support level at $0.3865, before dropping to the next major price support level at $0.3839.

ADA’s price has been printing higher highs and higher lows since the 2nd of January this year. This gradual upward move has resulted in an ascending wedge pattern forming on ADA’s daily chart.

Investors and traders will need to keep an eye on the RSI indicator on ADA’s daily chart. A bullish flag was signaled yesterday after the daily RSI line crossed above the daily RSI SMA line. However, the flag was short-lived as the RSI line crossed below the RSI SMA line shortly thereafter.

Currently, the slope of the daily RSI line is sloped negatively towards the oversold territory. This bearishness is lessened by the fact that the 9-day EMA is positioned above the 20-day EMA line, however.

Investors and traders in the crypto market may be waiting for the results of the U.S. Fed interest rate decision, which will be released on the 1 February, before entering into medium-term trade positions.

Another interest rate hike may have a negative impact on ADA’s price – forcing it down to the support at $0.3774. A break below this support level will extend the downside target down to $0.3559.

Given the bullish momentum present on ADA’s 4-hour and daily charts, as indicated by the respective 9 EMA lines being positioned above the respective 20 EMA lines, it’s fair to say that ADA’s price will gradually tick upward in the next 48 hours. As a result, ADA’s price will likely target $0.4212 in the next 48 hours.

This bullish stance is supported by the fact that investors and traders may try to elevate ADA’s price as much as possible leading up to the much-anticipated interest rate decision which will be released on the 1st of February. It is expected that another interest rate hike will be announced. This will most likely negatively impact ADA’s price in the days that follow the announcement.

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.

Post Views: 527