Charles Hoskinson, founder and CEO of Cardano (ADA), recently highlighted a key advantage of ADA over his former project Ethereum (ETH). Although ETH is currently the largest Proof of Stake blockchain by market cap, Hoskinson noted that ADA has more than 1.2 million unique wallets participating in its staking process, while ETH has only 88,400.
At present, Cardano (ADA) is the seventh-largest project in terms of market capitalization, with a market cap of $13.588 billion. Over the past 24 hours, ADA experienced a 1.56% increase in price, reaching $0.3912 at the time of writing.
ADA’s 24-hour trading volume is $632.949 million, following a 123.21% increase in the past 24 hours. The altcoin’s price is currently closer to its 24-hour low of $0.3774, with a daily high of $0.4035. The 24-hour increase in ADA’s price adds to its already-positive weekly performance of +12.06%.
On the 4-hour chart for ADA/USDT, the price of ADA remains in an ascending parallel price channel, having dipped into the support zone between $0.3712 and $0.3820 on Sunday. It broke out of the zone with a 4.42% surge in price, reaching a high of $0.4050, but bears pushed back, resulting in a 2.93% retracement and 24 hours of consolidation.
ADA’s price is currently trading just above the 9 and 20 EMA lines on its 4-hour chart, with a large amount of sell volume present in the latest 4-hour cycle. If ADA’s price fails to remain above the 9 and 20 EMA lines in the next 24 hours, it may drop back into the support zone between $0.3712 and $0.3820, with a breach below leading to a drop to the lower limit of the current ascending price channel at around $0.2624.
If ADA’s price sustains a position above the 9 and 20 EMA lines on its 4-hour chart, it may attempt a challenge at the $0.3979 resistance level before potentially moving toward $0.4072 in the next 24-48 hours. On the daily chart for ADA/USDT, an ascending parallel price channel is present after the altcoin’s price printed higher highs and higher lows over the last 2-3 weeks.
Yesterday’s trading session saw ADA’s price drop back into the demand zone between $0.3707 and $0.3824 before closing at $0.3872. To enter into a long position for ADA in the next 24-48 hours, its price needs to break the resistance level at around $0.3926. However, if it enters back into the demand zone between $0.3707 and $0.3824 and bulls don’t step in to support its price, it may drop to the nearest key support level at $0.3574.
The JOLTs Jobs Opening data will be released later today, which may impact ADA’s price in the next 24 hours. It may be best to wait for the outcome of this economic data before entering into a trade. If the data comes out better than expected, it will confirm the bullish thesis. Otherwise, a bearish scenario will likely play out for ADA’s price, leading it to dip back into the demand zone currently present on its daily chart.
