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Cardano (ADA) Price Analysis for January 16

Mon, 01/16/2023 - 15:47
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Denys Serhiichuk
How great are chances to see rise of Cardano (ADA) this week?
Cardano (ADA) Price Analysis for January 16
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The new week has begun with a neutral mood on the cryptocurrency market as some coins are in the red zone, while the rates of others keep growing.

Top coins by CoinMarketCap


Cardano (ADA) keeps trading in the green zone, going up by almost 1% over the last 24 hours.

ADA/USD chart by TradingView

Despite the growth today, the price is trading near the support on the local chart. At the moment, traders should pay attention to the $0.35 mark. If buyers fail to fix above it by the end of the day, there are high chances to see a breakout of $0.3456 tomorrow.

ADA/USD chart by TradingView

On the bigger time frame, Cardano (ADA) seems still undecided as to which way to go as neither bulls nor bears are dominating at the moment. Such a statement is also confirmed by the low volume, which means that the sideways trend may be the more likely scenario for the upcoming days.

Cardano (ADA) Price Analysis for January 14

In this case, the rate is about to locate in the wide range of $0.34-$0.36.

ADA/BTC chart by Trading View

On the daily chart against Bitcoin (BTC), Cardano (ADA) is looking bearish as the rate keeps falling after the false breakout of the resistance at 0.00001771. If buyers cannot seize the initiative shortly, the decline may continue to support at 0.00001618. Such a scenario is relevant until the end of the week.

ADA is trading at $0.3470 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at