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

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

  • ADA’s price hits the bottom of the channel established on the daily chart.
  • ADA experienced a 24-hour loss of 14.67% to take its price down to $0.4437.
  • Investors could expect a move up for ADA as TA signals a buying opportunity.

Cardano (ADA) 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 Ethereum are limited by the infrastructure burden of growing costs, energy use, and slow transaction times.

InstrumentSignalProbabilityDate RangeOpen Price2% Stop LossEntrySupt 1Supt 2Supt 3RESIS 1RESIS 2RESIS 3
ADAUSDTBUY78.86%2022-06-13, 02:00:00 – 2022-06-15, 02:00:000.490..48020.5496920.4661330.4418670.3944330.5378330.5852670.609533

GB Market Analysis Software signals ADA as a buy (Source: GreenBot)

According to the GB Market Analysis Software, the price of ADA will rise in the next 48 hours in the date range (2022-06-13, 02:00:00 GMT + 2 – 2022-06-15, 02:00:00 GMT + 2). A confirmation of the signal playing out will be when the price of ADA reaches $0.549692. This is also the identified price entry for the trade.

The current support levels for ADA/USDT are $0.466133 (first support level), $0.441867 (second support level), and $0.394433 (third support level). Meanwhile, the current resistance levels for ADA/USDT are $0.537833 (first resistance level), $0.585267 (second resistance level), and $0.609533 (third resistance level).

Cardano (ADA) Price: Current Market Standing

Cardano (ADA) is ranked number 8 in terms of the biggest cryptocurrency by market cap after dropping 2 positions, according to CoinMarketCap. ADA experienced a 24-hour loss of 14.67% to take its price down to $0.4437. This also puts its total market cap at $15,025,782,664.

ADA has seen an increase in its total 24-hour trading volume as the figure now stands at $1,864,110,696, which is a 21.74% dip.

The price of Cardano has now set a new 24-hour low of $0.4417, with its 24-hour high at $0.5459.

In comparison to BTC and ETH, ADA has weakened against BTC by 3.26% and strengthened against ETH by 3.51%. As things stand, one ADA is worth around 0.00001825 BTC and 0.0003661 ETH.

The recent crash in the crypto market over the weekend may be a result of investors fearing the global economic impact of the potential war between China and Taiwan.

Nevertheless, whales have been accumulating ADA in anticipation of the upcoming Vasil Hard Fork. This may be a sign of good things to come for the coin.

Cardano (ADA) Price: Technical Overview

ADA approaches lower bound of range (Source: CoinMarketCap)

Looking at the daily chart for ADA/USDT, the price of ADA is now lingering around the lower bound of the channel established over the last few weeks. This follows after ADA’s price posted 4 consecutive red candles on the daily chart. This is the third time that ADA will test this level since the channel was established on the daily chart.

One thing to note is that the previous 2 tests of this level were followed by price upswings towards the upper bound of the channel at around $o.6351. This is also the price at which the 50 EMA currently sits, as the 20 EMA line is currently pushing the price of ADA down.

Another key indicator to be aware of is the RSI line position below the RSI SMA line and its negative slope, which are both bearish signs. However, the RSI indicates that ADA is in the oversold territory, which may mean that bulls will seize the opportunity and take the price back up.

Should we see a mini-rally from this point, it is safe to say that we will see it target the upper bound of the channel, which will be around a 41% move.

Taking into account the signal given by the GB Market Analysis Software, as well as several other factors such as the price hitting the bottom of the channel and the RSI indicating that ADA is oversold, we could see ADA’s price rise over the next 48 hours. However, investors should practice caution as the price of ADA has tested this level twice already and may fall lower if the level is not able to hold up.

Once again, the signal confirmation will be the price of ADA hitting $0.549692 – a level between the first and second resistance levels identified by the software.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Crypto Investors intend to have FTX arrested through protests

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founder of FTX

Members of the crypto community intend to have FTX founder Sam Bankman-Fried arrested. Crypto trader and youtuber Ben Armstrong addressed this initiative to the crypto industry.

“If Sam [Bankman-Friede] is not arrested by the end of December, I will gather a large group (probably over a hundred people) who lost money [amid the collapse of] FTX. We will go to the Bahamas and protest outside the government building, the Albany Resort [where Bankman-Fried supposedly has real estate] and other [Bankman-Fried] properties until he is arrested,” Ben Armstrong wrote on his microblog asking subscribers who would like to join the initiative to check in under the post.

FTX arrested?

Many members of the crypto community responded to the trader’s call. For example, the initiative was supported by popular youtuber Dusty BC Crypto. The irony is that earlier Ben Armstrong himself, as a crypto blogger with a million audience, advertised the FTX crypto exchange and its native FTT token.

Some of the subscribers noted that it was time to file regulatory complaints against the crypto blogger himself, as he was involved in attracting investors to FTX. All of these events increase volatility in the cryptocurrency market, so it makes sense for an investor to consider the AMD price chart today.

This isn’t the first time members of the cryptocurrency community have raised the issue that FTX’s creator should be in jail. Some online users speculate that Sam Bankman-Fried could literally buy his freedom. Recall, it was previously revealed that the entrepreneur donated large sums of money to political parties.

Earlier we reported that Binance bought Sakura Exchange BitCoin in Japan.

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Hackers stole cryptocurrency worth $3.37 billion since the beginning of the year

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how hackers steal cryptocurrency

In the 11 months since the beginning of the year, hackers stole $3.37 billion worth of cryptocurrency. According to PeckShield, cryptocurrency companies lost $1.3 billion to fraud in the fall alone.

Thus, in September there were 17 hacks, which resulted in losses of $171 million. Marketmaker Wintermute incurred losses of $160 million.

How do hackers steal cryptocurrency?

In October, hackers stole $760.2 million worth of cryptocurrency because of 44 hacking attacks. Then BNB Chain was hacked for $544 million, but the fraudsters could withdraw only $100 million of it – the other part of the funds were blocked by the developers. Then a hacker stole $1 million from the BitKeep cryptocurrency wallet by hacking it through a swap feature. Another hack came on Team Finance’s launchpad, which lost $14.5 million due to a smart contract migration feature bug.

There were 29 hacks in November that stole $391 million in various digital assets. Another $3 million was stolen from Skyward Finance based on the NEAR Protocol. An unknown hacker could “empty the reserves” of the project through a vulnerability in the smart contract. Note that due to global problems in the cryptocurrency market and the high cost of mining, even the NVIDIA price chart went down.

It was also reported that crypto exchange Coinsquare was hacked, but representatives of the company assured that customers’ assets “are safely stored in cold storage and are not at risk.”

Meanwhile, over the three months of the summer, cryptocurrencies suffered about $446 million in hacks. In June, the loss from 21 attacks was $227.76 million; in July, companies suffered losses from 12 hacks worth $10.2 million; and in August there were 18 attacks, which resulted in the loss of $208.5 million.

Earlier we reported that Terra Classic developers are launching an LUNC wallet.

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Largest bitcoin miners owe banks $4 billion

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largest bitcoin miners

Now the largest bitcoin miners can’t pay back loans and give creditors hundreds of thousands of devices as collateral. This is reported by Bloomberg.

After the collapse of FTX crypto exchange, many companies that provided loans to largest bitcoin miners, including New York Digital Investment Group (NYDIG), Celsius Network, BlockFi Inc, Galaxy Digital, and the Foundry (a division of Digital Currency Group) are facing problems due to non-payment of loans.

Loans backed by mining equipment have become one of the most popular financing tools in the industry. Now, however, mining companies are having trouble making payments because of the drop in the bitcoin exchange rate and don’t have the funds to pay back the loans. Lenders cannot seize any assets from them other than cryptocurrency mining devices, the value of which has fallen 85% since last November. Even the Tesla price chart has gone down from that drop.

“We continue to take a cautious approach to risk-based financing in the mining industry. For example, in the third quarter, Galaxy’s mining division closed three existing leases totaling about $8 million,” said Michael Wursthorn, a Galaxy spokesperson.

Lenders are already paying attention to the surplus of mining equipment received after the loans are paid off. They are having to sell the equipment at a big discount or find data centers to mine bitcoins on their own. This surplus means that lenders could face further losses, given how saturated the market for mining equipment already is.

In November, mining company Iris Energy said it would not repay the loan it took out against the equipment and would prefer to develop other business operations instead. It said its two units registered to buy the equipment secured against it were not generating enough cash flow to service the line of credit.

Earlier, we reported that support for OpenSea Binance’s smart chain had appeared.

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