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Cardano (ADA) Price Analysis for January 14

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Sat, 14/01/2023 - 20:15
Cardano (ADA) Price Analysis for January 14
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.

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Bulls are giving bears no chance, according to CoinMarketCap's ranking.

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ADA/USD

The rate of Cardano (ADA) has risen by 7% over the last 24 hours.

ADA/USD chart by TradingView

On the hourly chart, the price is near the local support at $0.3455. If buyers can hold the initiative, they can bring the rate back to the middle of the channel at $0.36. Such a scenario is relevant until the end of the day.

ADA/USD chart by TradingView

On the bigger time frame, the price has almost reached the resistance at $0.3766. However, while the rate is above the support at $0.3453, Cardano (ADA) remains bullish in the midterm point of view.

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On the other hand, the altcoin might have run out of power to keep growing from the current levels. In this case, sideways trading in the range of $0.34-$0.36 is the more likely scenario for the next days.

ADA/USD chart by TradingView

On the weekly chart, traders should pay attention to the nearest level at $0.3449. If the bar closes above it, the growth can continue next week, which might lead to a test of the $0.38 area.

ADA is trading at $0.3514 at press time.

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