Cardano (ADA) Price Analysis for January 23

The market has almost turned back to red, according to CoinStats.

ADA chart by CoinStats

ADA/USD

The price of Cardano (ADA) has declined by 0.78% over the past day.

Image by TradingView

On the hourly chart, the rate of ADA might have set local support at $0.3525. As more than 50% of daily ATR has passed, there are low chances of seeing sharp moves by tomorrow. 

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However, if the bounce back does not happen, traders may witness an ongoing correction to the $0.35 zone over the weekend.

Image by TradingView

On the longer time frame, there are no reversal signals yet. The volume remains low, which means bulls are not ready yet to seize the initiative. All in all, traders can expect a test of the support at $0.3393 by the end of the month.

ADA is trading at $0.3564 at press time.

Source: https://u.today/cardano-ada-price-analysis-for-january-23