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Cardano (ADA) Price Analysis for January 20

Fri, 01/20/2023 - 19:00
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Denys Serhiichuk
Has Cardano (ADA) finished its correction yet?
Cardano (ADA) Price Analysis for January 20
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Most of the coins are about to keep rising, according to their CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

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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DOGE and SHIB Price Analysis for January 19

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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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 denys.serhiichuk@u.today.