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Cardano (ADA) Price Prediction for January 19: Will ADA Break Out or Face Further Correction?

Writer's picture: topcryptonewstopcryptonews

Cardano (ADA) Price Prediction for January 19: Will ADA Break Out or Face Further Correction?

ADA, the native token of the Cardano blockchain, has dropped 5.11% in the past 24 hours, trading at $1.07 at the time of writing. Despite its decline, ADA remains the ninth-largest digital asset with a market capitalization of $37.74 billion, although it is still down 65.63% from its all-time high of $3.10.


Data from CoinMarketCap shows that ADA reached a daily high of $1.16, attempting to flip the $1.10 resistance into a support level. However, the attempt failed, resulting in a bearish breakout. If the $1 level does not hold, the next significant support lies at $0.90.


Analyst Predicts ADA Rally to $6


While ADA’s short-term outlook appears challenging, analyst Ali Martinez suggests a potential rally to $6 could be on the horizon. Martinez highlighted a pattern from 2021 when ADA dropped 44% before initiating a strong upward movement. Drawing parallels, the analyst predicts that ADA’s next leg up in this cycle may occur within two to three weeks.


ADA Price Analysis


Over the past seven days, ADA has gained 16.00%, with a 9.63% increase over the last month and a 105.36% surge in the past year. However, to confirm a bullish breakout, the token must surpass the $1.50 resistance and establish it as a new support level.


The RSI indicator currently reads 56.26, signaling that while bulls have some control, selling pressure is rising. The RSI gradient suggests a possible retest of the $1 support level in the short term.


Meanwhile, the MACD indicator remains bullish, but a decreasing histogram indicates weakening momentum, further pointing to an increase in selling activity.


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