Will Cardano price break out in the next 48 hours?
Cardano (ADA), the decentralized proof-of-stake blockchain platform, strives to provide a better alternative to traditional proof-of-work networks, such as Bitcoin. These PoW networks are confronted with several issues, including prohibitive costs, energy consumption levels, and slow transaction speeds that limit scalability and sustainability.
Cardano Price Current Market Status
At present, Cardano (ADA) is ranked 8th by market capitalization according to CoinMarketCap, with its current price standing at $0.3861. Despite a decline of 1.83% in the last 24 hours, ADA’s market cap value is still quite substantial at $13.35 billion, and its 24-hour trading volume has reached an impressive figure of $303 million. Even though Cardano’s price has dropped recently on a short-term basis, its overall weekly performance still stands at +7.33%.
Technical Indicators Suggest a Breakout is Imminent
The price of ADA has been trying to break through the resistance level of $0.3888 for some time now. After a surge in selling volume yesterday, the price was lowered to a close at $0.3819. Technical analysis of the daily chart predicts that this could soon break this resistance level due to bullish activity from indicators such as the 9-day EMA line, which is currently holding up above the 20-day EMA line and creating a strong upward trend. The RSI indicator also shows signs of a potential bullish flag, but it is below its SMA line, suggesting bearishness.
If the RSI line crosses above its SMA line, we could witness ADA’s price break through this resistance level and target $0.4167. However, if there is weak bull activity following this break, it could result in a so-called ‘fake-out’.
Given that ADA’s price is squeezed between the 9-day EMA and the $0.3888 resistance, a breakout in the next 24-48 hours is expected, and technical indicators suggest bullish support for ADA.