Cardano (ADA) Price Forecast: Anticipated Changes in the Next 48 Hours

Input Output CEO and founder, Charles Hoskinson, recently shared a video on Twitter featuring medical doctor and YouTuber, Vinay Prasad, discussing how Large Language Models (LLMs) like ChatGPT could revolutionize medicine. Hoskinson, who is known for his work in the blockchain industry, is also focusing on scientific innovations that can improve human life, with a potential pivot toward medicine. As an innovator in the AI space, Hoskinson and the Cardano team may seek to establish partnerships with development teams to support the development of decentralized applications (dApps) that utilize LLM technology.

Cardano (ADA) Price Forecast

According to CoinMarketCap, Cardano (ADA) is currently ranked as the seventh biggest project in terms of market cap. Its price increased by 4.64% in the last 24 hours, taking it to $0.4051 at the time of writing. The altcoin’s market cap currently stands at $14.096 billion, while its 24-hour trading volume is $351.976 million.

Technical indicators suggest that bulls may attempt another break above $0.4070 in the next 24-48 hours, as the 9 EMA line remains above the 20 EMA line on ADA’s 4-hour chart. The RSI indicator on ADA’s 4-hour chart also supports this bullish thesis, as the RSI line is currently sloped steeply towards the extreme overbought territory. However, traders and investors should be cautious as the RSI line is currently in overbought territory. Failure to close above $0.4070 in the next 4-8 hours may result in ADA’s price dropping below $0.40 towards $0.3935 in the next 24-48 hours.

cardano (ada) price prediction

ADA’s price continues to trade within an ascending price channel at the time of writing, but it may break out of this channel this week as it is currently being held down by the key resistance level at $0.4070. Technical indicators on ADA’s daily chart suggest that the altcoin’s price will break above this key resistance level in the next 24 hours, as the daily RSI line is positively sloped towards the overbought territory and trading above the RSI SMA line.

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