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

Cardano’s DeFi ecosystem has witnessed substantial growth, with a record high of 578 million ADA locked in decentralized finance protocols. The top 10 protocols on Cardano have experienced significant double-digit growth in the past month, indicating increased activity on the blockchain. However, Santiment reported that a substantial amount of ADA was sold at a loss following profitable investments.

In terms of market standing, Cardano (ADA) is currently ranked as the seventh-largest project by market cap. Its price has experienced a 24-hour drop of 1.07%, reaching $0.2833, with a market cap of $9.908 billion. The 24-hour trading volume was $208.107 million, and ADA’s weekly performance showed a 3.98% decline.

Data from IntoTheBlock revealed that the majority of ADA holders are medium-term and long-term investors, with 56% categorized as long-term holders and 40% as medium-term holders. However, on-chain signals were bearish, with Cardano’s net network growth at 0%, the percentage of ADA investors in profit declining over 2%, and a drop of over 30% in the number of large ADA transactions.

Technically, ADA’s price has been trading within a consolidation channel, but a bearish descending triangle pattern has formed on the 4-hour chart. A break below the lower limit of the price channel at $0.2765 may lead to a potential drop to $0.2594. On the other hand, a 4-hour candle close above $0.2910 would invalidate the bearish scenario and open the possibility for a retest of the resistance at $0.3013, with a potential further rise to $0.3115.

The daily chart shows ADA is trading below the 9-day and 20-day EMA lines. Breaking above these indicators could provide support to flip the resistance at $0.3013 into support. However, failing to close a daily candle above the EMAs within the next 48 hours may result in a drop below the support at $0.2765 in the coming week.