Cardano (ADA) Price Analysis for January 25

Cardano (ADA) Price Analysis for January 25
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A further drop continues on the market after a slight bounce off, according to CoinStats.

ADA chart by CoinStats

ADA/USD

The rate of Cardano (ADA) is unchanged over the last 24 hours.

Image by TradingView

On the hourly time frame, the price of ADA is closer to the support than to the resistance, which means that sellers are more powerful to a certain extent. If buyers lose the $0.47 mark, one can expect a support breakout, followed by a drop to the $0.46-$0.4650 zone.

Image by TradingView

A less clear picture is seen on the daily chart. Until the rate is above the support level of $0.4643, buyers have chances for a bounce back.

However, one should not expect a fast recovery as ADA has not accumulated enough power yet. In this case, sideways trading between $0.47 and $0.49 is the more likely scenario for the next few days.

Image by TradingView

From the midterm point of view, one should wait until the bar closes. If it happens far from the support, traders may witness a local rise to the $0.50 zone.

ADA is trading at $0.4733 at press time.

Source: https://u.today/cardano-ada-price-analysis-for-january-25