Book.io, a blockchain-based project focused on making books and media available on-chain, has attracted notable investors despite the challenges of the crypto winter. The start-up, which mints books as non-fungible tokens (NFTs) on different chains, has secured investment from billionaire investor Mark Cuban and the Ingram Content Group, among others. Most of Book.io’s titles reside on the Cardano blockchain, which is currently ranked as the seventh biggest project in terms of market cap. The price of Cardano’s native token, ADA, has seen a 24-hour increase of 8.63%, taking its price up to $0.442 at press time, with a market cap of $15.367 billion.
ADA’s 24-hour trading volume currently stands at $703.345 million, following a 24-hour increase of 89.05%. The price of ADA is nearer to its 24-hour high at $0.4432, with a daily low of $0.4019. The 24-hour increase in ADA’s price has pushed the crypto’s positive weekly performance further into the green, with a weekly price performance of around +16.38% at press time.
The price of ADA has surged past the resistance level at $0.4072 over the last 24 hours, after being rejected from the resistance level earlier on Tuesday morning. This rejection resulted in ADA’s price dropping to a low of $0.3886 in the early hours of Wednesday morning. However, the drop in ADA’s price seems to have been a liquidity building move, given that the altcoin’s price entered into a strong rally to trade at its current level shortly after losing the support of the $0.3930 mark. The technical indicators on ADA’s 4-hour chart remain bullish at press time, with the 9 EMA line trading bullishly above the 20 EMA line and the RSI line trading well above the RSI SMA line.
Traders should take note of the fact that the parabolic move in ADA’s price will likely be followed by a retracement in the next 24-48 hours. The RSI line positioned in overbought territory at press time supports the bearish thesis that ADA’s price will retrace soon. Looking at ADA’s daily chart, the altcoin’s price is currently trading slightly above the key daily resistance level at around $0.4295 after breaking above the level over the last 24 hours. Bears are currently trying to defend the level, which is evident by the wick present on today’s daily candle.
Should ADA’s price close today’s trading session below the aforementioned resistance level, then it will likely drop back down to the closest support level at $0.4075 in the next 24-48 hours. On the other hand, if ADA’s close today is above $0.4295, then the altcoin’s price will look to rise to the next resistance level at $0.4718. It is important to note that 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, and any action taken by the reader is strictly at their own risk.
