Jun 27, 2022 05:00AM ET
By: AnalysisWatch
Cardano is a third-generation decentralized blockchain platform designed to be a more efficient alternative to proof-of-work networks. The infrastructure burden of rising costs, energy consumption, and slow transaction times limits the scalability, interoperability, and sustainability of PoW networks such as Ethereum.
Market analytics software GB has given the signal that the price of ADA may fall in the next 48 hours. The confirmation that the signal is being fulfilled will be when the price of ADA falls to $0.47369167. This is also the identified entry price for the trade.
Cardano ranks #8 in terms of the largest cryptocurrency by market cap, according to CoinMarketCap, and experienced a 24-hour loss of 4.49% to bring its price to $0.498. This also puts its total market cap at $16.83 billion.
ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $794,913,638, up 7.69% from the last day.
Although ADA's share price has declined over the past 24 hours, it remains positive over the past seven days. According to CoinMarketCap, ADA's price is up 6.26% from last week's price.
However, the outlook for Cardano as a whole remains quite positive as the team continues to make improvements to the network during this bear market. Perhaps the most anticipated upgrade for the Cardano network is the Vasil hard fork.
A descending triangle has formed on the 4-hour chart for ADA/USDT, suggesting that the ADA price may fall during the next pair of 4-hour candles. The candlestick base is $0.4784.
ADA's price already tried to break out of the chart pattern once, but the attempt was thwarted. Now it seems to challenge the pattern again, as it makes a move towards the upper level of the pattern.