- The price of ADA has risen over 4% in the past 24 hours to trade at $0.4051.
- ADA price is trying to break above the key resistance level at $0.4070.
- The technical data on the ADA chart supports the thesis that the price of ADA will rise in the next 24-48 hours.
Charles Hoskinson, CEO and Founder of Input Output, a blockchain startup responsible for the Cardano protocol, recently shared a video on his Twitter account featuring YouTuber Vinay Prasad, a doctor, explaining how ChatGPT could revolutionize the field of medicine. .
Although Hoskinson didn't reveal much in his tweet, there is a widely held belief that artificial intelligence (AI), represented by chatbots like ChatGPT, will have a transformative impact on all aspects of our lives. As an innovator in the field of AI, it is conceivable that Hoskinson and the Cardano team seek to establish functional partnerships with development teams and support the development of dApps that use ChatGPT's underlying technology. , also known as Large Language Models (LLM). Hoskinson, who has made a name for himself in the crypto and blockchain industry, appears to be diversifying his influence by focusing on scientific innovations that improve human life, with a potential pivot to medicine.
Cardano (ADA) Current Market Position/h2
Cardano (ADA) is ranked the seventh largest project by market capitalization, according to CoinMarketCap. It saw a 24-hour price increase of 4.64%, bringing its price to $0.4051 at press time. The market capitalization of the Ethereum killer currently stands at $14.096 billion.
Meanwhile, ADA's 24-hour trading volume currently stands at $351.976 million, following a 78.62% increase over 24 hours. Moreover, the price of ADA is closer to its 24-hour high at $0.4069. The daily low for the altcoin stands at $0.3863.
The 24-hour rise in ADA's price pushed its weekly price performance into the green. As a result, the weekly price performance for ADA is +3.24% at press time.
h2 Technical overview of Cardano (ADA)/h2
4-hour chart for ADA/USDT (Source: TradingView)
ADA price broke above the $0.4 resistance and tipped it into support over the past 12 hours. Altcoin price attempted to do the same with the next resistance level at around $0.4070 this morning. This attempt, however, failed and the price of ADA returned to its current level.
Technical indicators suggest that the bulls will not give up just yet and attempt a fresh break above $0.4070 in the next 24-48 hours.
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The first technical indicator to consider is the 9 EMA line which recently crossed above and remains above the 20 EMA line on the 4-hour chart of ADA. This suggests that the price of ADA has entered a short-term bullish cycle and will most likely rise in the next 24-48 hours.
The RSI indicator on the 4-hour chart of ADA supports this bullish thesis, as the RSI line is currently steeply tilted towards the extreme overbought territory. Additionally, the RSI line is positioned well above the RSI SMA line.
Traders and investors may want to err on the side of caution and not go long for ADA at this point, given that the RSI line is currently in overbought territory. If ADA price fails to close above $0.4070 within the next 4-8 hours, ADA price will drop below $0.40 towards $0.3935 within 24-48 next hours.
Daily chart for ADA/USDT (Source: TradingView)
ADA's price continues to trade in an ascending price channel at press time. This channel was formed over the past 2-3 weeks, during which ADA price printed higher highs and lower lows.
However, the altcoin price may break out of this channel this week as it is currently held by the key resistance level at $0.4070. If you don't close above this level in the next 24 hours, ADA's price could consolidate for the rest of the week between $0.3850 and $0.4070.
On the other hand, if the price of ADA is able to close today's trading session above the key resistance level, it will move to the minor support level at around $0.4230 within the next 48 hours. hours. A break above this level will give the price of ADA a clear path towards $0.4556.
Technical indicators on the daily chart of ADA suggest that the price of the altcoin will break above the key resistance level at $0.4070 within the next 24 hours. Currently, the daily RSI line is positively tilted towards the overbought territory.
Additionally, the daily RSI line is also trading above the RSI SMA line. Since the daily RSI is not yet in the overbought territory, it is fair to say that there is still room for the price of ADA to rise in the next 24-48 hours. The 9-day EMA line is also positioned above the 20-day EMA line. This suggests that the price of ADA has entered a short-term bullish cycle and will rise in the next 24-48 hours.
Disclaimer: Views and opinions, as well as all information shared in this price prediction, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is strictly at his own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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The post Cardano (ADA) Price Prediction: What to Expect in the Next 48 Hours appeared first on Coin Edition.
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