Coin Edition -
- The price of ADA has risen more than 4% over the last 24 hours to trade at $0.4051.
- ADA’s price is attempting to break above the key resistance level at $0.4070.
- Technicals on ADA’s chart support the thesis that ADA’s price will rise in the next 24-48 hours.
Charles Hoskinson, the CEO and founder of Input Output, a blockchain start-up responsible for the Cardano protocol, recently shared a video on his Twitter account featuring YouTuber Vinay Prasad, a medical doctor, discussing how ChatGPT could revolutionize the field of medicine.
Although Hoskinson did not reveal much in his tweet, there is a widespread belief that artificial intelligence (AI), represented by chatbots like ChatGPT, will have a transformative impact on every aspect of our lives. As an innovator in the AI space, it is conceivable that Hoskinson and the Cardano team will seek to establish functional partnerships with development teams and support the development of dApps that utilize the underlying technology of ChatGPT, also known as Large Language Models (LLMs). 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 toward medicine.
Cardano (ADA) Current Market Standing
Cardano (ADA) is ranked as the seventh biggest project in terms of market cap, according to CoinMarketCap. It experienced a 24-hour price increase of 4.64%, taking its price up to $0.4051 at press time. The Ethereum-killer’s market cap currently stands at $14.096 billion.
Meanwhile, ADA’s 24-hour trading volume currently stands at $351.976 million, following a 24-hour increase of 78.62%. Furthermore, the price of ADA is nearer to its 24-hour high at $0.4069. The altcoin’s daily low stands at $0.3863.
The 24-hour increase in ADA’s price has flipped its weekly price performance into the green. As a result, the weekly price performance for ADA is +3.24% at press time.
Cardano (ADA) Technical Overview
4-hour chart for ADA/USDT (Source: TradingView)
ADA’s price has broken above the $0.4 resistance and flipped it into support in the last 12 hours. The altcoin’s price attempted to do the same with the next resistance level at around $0.4070 this morning. This attempt failed, however, and ADA’s price retraced down to its current level.
Technical indicators suggest that bulls won’t give up just yet and will attempt another break above $0.4070 in the next 24-48 hours.
The first technical indicator to take note of is the 9 EMA line which has recently crossed above, and remains above, the 20 EMA line on ADA’s 4-hour chart. This suggests that ADA’s price has entered into a short-term bullish cycle and will most likely rise in the next 24-48 hours.
The RSI indicator on ADA’s 4-hour chart supports this bullish thesis as the RSI line is currently sloped steeply towards the extreme overbought territory. In addition, the RSI line is positioned well above the RSI SMA line.
Traders and investors may want to tread carefully and not enter into a long position for ADA at this point given that the RSI line is currently in overbought territory. Should ADA’s price fail to close above $0.4070 in the next 4-8 hours, then ADA’s price will drop below $0.40 towards $0.3935 in the next 24-48 hours.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price continues to trade within an ascending price channel at press time. This channel was formed over the last 2-3 weeks, wherein ADA’s price printed higher highs and higher lows.
The altcoin’s price may break out of this channel this week, however, as it is currently being held down by the key resistance level at $0.4070. Failure to close above this level in the next 24 hours may result in ADA’s price consolidating for the rest of the week between $0.3850 and $0.4070.
On the other hand, if ADA’s price is able to close today’s trading session above the key resistance level then it will make a move to the minor support level at around $0.4230 in the next 48 hours. A break above this level will give ADA’s price a clear path to $0.4556.
Technical indicators on ADA’s daily chart suggest the altcoin’s price will break above the key resistance level at $0.4070 in the next 24 hours. Currently, the daily RSI line is positively sloped towards the overbought territory.
Furthermore, the daily RSI line is trading above the RSI SMA line as well. Given that the daily RSI is not in overbought territory yet, it’s fair to say that there is still some room left for ADA’s price 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 ADA’s price has entered into a short-term bullish cycle and will rise in the next 24-48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Read More Crypto Price Predictions:
- XRP Price Prediction 2023-2030: Will XRP Price Hit $1 Soon?
- Cardano Price Prediction 2023-2030: Will ADA Price Hit $1.5 Soon?
- Cronos (TSX:CRON) Price Prediction 2023-2030: Will CRO Price Hit $0.25 Soon?
- Dogecoin Price Prediction 2022-2030: Will DOGE Price Hit $0.35 Soon?
- Terra Luna Classic Price Prediction 2023-2030: Will LUNC Price Hit $0.0003 Soon?