Cardano (ADA) Price Analysis for January 31

Wed, 31/01/2024 – 15:47

Cover image via www.tradingview.com

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The growth has not lasted long, and all of the top 10 coins are back to the red zone.

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ADA/USD

The rate of Cardano (ADA) has fallen by 4.37% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of ADA has made a false breakout of the local support level of $0.4977. If the daily candle closes near $0.51, one can expect a test of the resistance of $0.5153 tomorrow.

Image by TradingView

On the daily time frame, one should pay attention to the vital zone of $0.50. If the buyers lose it, there is a chance to see a further drop to the support of $0.4643 soon.

Image by TradingView

From the midterm point of view, traders should focus on the weekly candle closure in terms of the $0.4643 level. 

If it breaks out, there is a possibility to see a continued decline to the $0.40-$0.44 area until mid-February.

ADA is trading at $0.5028 at press time.

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