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Home Cryptocurrency News

Cardano (ADA) Price Analysis for January 24

crypto by crypto
January 24, 2023
in Cryptocurrency News
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Bulls are feeling pressure from bears as some cryptocurrencies are in the red zone, according to CoinMarketCap rankings.

ADA/USD

Cardano (ADA) was unable to join the list of rising coins, falling 0.46%.

ADA/USD Chart by TradingView

On the hourly chart, Cardano (ADA) is more bearish than bullish as the price retraced to the $0.3726 support level. If a breakout occurs, the accumulated energy could be enough for a drop to $0.3650.

ADA/USD Chart by TradingView

On the daily chart, the price continues to trade sideways as neither side has accumulated the power to seize the initiative.

However, if the decline continues to $0.37, traders can expect a decline to $0.36 in the coming days.

ADA/BTC Chart by Trading View

The situation is more positive on the daily chart against Bitcoin (BTC). The rate is closer to the resistance than the support but it is too early to think of a breakout because the rate has not yet reached the resistance at 0.00001676. If that happens, the growth could lead to the 0.00001750 mark.

ADA is trading at $0.3750 at press time.



Source

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