Jul 18, 2022 05:00AM ET
By: AnalysisWatch
The price of Cardano (ADA) recorded a gain of 3.06% in 24 hours, rising to $0.4737.
There are several bullish flags on the daily chart of ADA/USDT.
The price of ADA could rise in the next 48 hours.
Cardano (ADA) is a third-generation decentralised proof-of-stake (PoS) blockchain platform that provides a more efficient alternative to proof-of-work (PoW) networks. The scalability, interoperability and sustainability of PoW networks such as Ethereum are limited by the infrastructure burden of rising costs, energy consumption and slow transaction times.
GB Market Analysis Software signals that it is best not to enter into ADA trades (Source: GreenBot)
GB Market Analysis Software has signalled that the price of ADA could rise in the next 48 hours in the date range (2022-07-18, 02:00:00 GMT + 2 - 2022-07-20, 02:00:00 GMT + 2). The signal will be confirmed when the price of ADA reaches $0.46534167. This is also the identified entry price for the trade.
The support levels for ADA/USDT identified by GB Market Analysis software are $0.43793333 (first support), $0.42806667 (second support) and $0.41403333. Meanwhile, the resistance levels for ADA/USDT identified by the software are $0.46183333 (first resistance), $0.47586667 (second resistance) and $0.48573333 (third resistance).
Cardano (ADA) Price: Current Market Position
Cardano (ADA) is ranked #8 in CoinMarketCap's list of largest cryptocurrencies by market capitalization. ADA saw a gain of 3.06% in 24 hours, rising to $0.4737, bringing its total market cap to approximately $15.95 billion.
ADA's total 24-hour trading volume has increased and now stands at $845,606,302, up 25.24% from the previous day.
The price of Cardano is closer to its 24-hour high of $0.474, with its 24-hour low at $0.4438.
Compared to BTC and ETH, ADA has weakened 0.44% against BTC and 3.40% against ETH. At the current time, one ADA is worth approximately 0.0000214 BTC and 0.0003272 ETH.