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Cardano (ADA) Price Analysis for January 20

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Fri, 20/01/2023 - 19:00
Cardano (ADA) Price Analysis for January 20
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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ADA/USD

The rate of Cardano (ADA) has risen by 1.42% over the last 24 hours.

ADA/USD chart by TradingView

On the hourly chart, the price of Cardano (ADA) is trading near the resistance level at $0.3412 after the false breakout of the support at $0.3338.

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If bulls can hold the gained initiative, the rise may continue to the $0.35 zone tomorrow.

ADA/USD chart by TradingView

On the bigger time frame, Cardano (ADA) is not looking so bullish as the rate is far from the resistance level at $0.3697. However, if today's bar closes above yesterday’s peak at $0.3430, the growth may continue to $0.36 soon.

ADA/BTC chart by Trading View

On the daily chart against Bitcoin (BTC), the price is trying to keep yesterday's growth going. However, bulls might not have accumulated enough power for a trend change. In this case, the more likely scenario is sideways trading in the range of 0.000016-0.000001630.

ADA is trading at $0.3412 at press time.

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