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Cardano (ADA) Price Analysis for January 5


The cryptocurrency market has not yet decided which way to go, as some coins are in the red zone, while others are in the green.

Top coins by CoinMarketCap


Cardano (ADA) is one of the few growing coins, going up by 0.59% over the last 24 hours.

ADA/USD chart by TradingView

On the hourly chart, the price of Cardano (ADA) has tested the support at $0.2647 several times. Until the rate is above it, buyers have a chance for a local bounce back.

In this case, the upward move may continue to the nearest resistance zone around $0.27.

ADA/USD chart by TradingView

On the daily time frame, the rate has made a false breakout of yesterday’s peak at $0.2708. If the bar closes far from this level, bulls are likely to lose their initiative. All in all, this could lead to a drop to the $0.26 zone soon.

ADA/BTC chart by Trading View

On the daily chart against Bitcoin (BTC), the rate of Cardano (ADA) has also made a false breakout of yesterday’s peak. However, the price remains trading above the vital support level at 0.00001572. In this regard, the more likely scenario is sideways trading in the range of 0.00001560 to 0.00001580.

Cardano is trading at $0.2669 at press time.


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