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Cardano (ADA) Price Analysis for January 16

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Mon, 16/01/2023 - 15:47
Cardano (ADA) Price Analysis for January 16
Cover image via www.tradingview.com

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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.

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Top coins by CoinMarketCap

ADA/USD

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.

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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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