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Cardano (ADA) Price Analysis for January 9

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Mon, 9/01/2023 - 20:00
Cardano (ADA) Price Analysis for January 9
Cover image via www.tradingview.com

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The cryptocurrency market might have entered midterm growth, according to the CoinMarketCap ranking.

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Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) is the biggest gainer today among the top 10 coins, rocketing by 11.61%.

ADA/USD chart by TradingView

On the hourly time frame, the price of Cardano (ADA) started Monday with the bounce back of the support level at $0.2953. Then, the altcoin tried to fix above the resistance at $0.3265, but it failed to do that. In this case, the more likely scenario is a correction to the zone of $0.31.

ADA/USD chart by TradingView

On the bigger chart, the price has also made a false breakout of the $0.3265 mark against the increased volume. However, one should pay attention to the daily closure. If buyers can seize the initiative and return the rate to the resistance, there are high chances to see a further upward move tomorrow.

ADA/BTC chart by Trading View

Cardano (ADA) is also feeling bullish on the daily chart against Bitcoin (BTC). The price has made a false breakout of the 0.00001958 mark; however, it remains above the support at 0.00001840. If the bar closes above it, the rise may lead to the test of 0.000019 until the end of the week.

Cardano is trading at $0.3203 at press time.

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