Market Analysis

CARDANO PRICE ANALYSIS & PREDICTION (January 24) – ADA Reaches Lowest Level After 45 Days Trading, More Crackdown Ahead? 

Cardano remains in a red on the daily but has managed to recover briefly above the $0.45 level since yesterday. It lost 14% in the past week, but it may continue to dip until it finds strong footing for an increase. 

Two weeks ago, ADA rejected the $0.617 level and initiated another drop in continuation of its correction, which started last month. Yesterday, the price slipped under its 7-week low and quickly climbed back. 

It resumed selling today and is now attempting to drop off this low. Selling pressure has slowed down a bit in the past hours, but we can expect an expansion as soon as volatility increases. 

Holding yesterday’s $0.447 low as support might trigger a retest of the recently collapsed level of $0.5 as resistance. Such a scenario could pause bearish actions for some days before resuming fall. 

Looking at the market structure from a technical standpoint, ADA is still positioned in a downtrend and at the same time remains under the bears’ watch and control. 

Despite losing 23% of its valuation in the last 30 days, ADA is still within the bullish zone on the monthly chart and at the same time trades far above its three-month low. But from the look of things, the bearish party is not over yet. More price collapse is underway!

ADA’s Key Levels to Watch

Source: Tradingview

The latest slowdown in selling was triggered by the latest buying reaction on the lower time frame. If the selling volume increases, ADA may collapse through the $0.465 support to test $0.4 and potentially $0.35 in the future. 

Currently, the $0.51 level is held as resistance. A push above this level could allow buying to $.545. More push from there could see the price increase to $0.58 when the buyers gain control.

Key Resistance Levels: $0.51, $0.545, $0.58

Key Support Levels: $0.465, $0.4, $0.35

  • Spot Price: $0.475
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: wywenka/123RF // Image Effects by Colorcinch

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