Cardano price forecast: ADA price today, January 20, 2023

Cardano’s price has recently gone up after falling below $0.30 at the beginning of the year and reaching a low of $0.24. After a retracement, it is trading at $0.2645 with a 24-hour trading volume of over $200 million and a market cap of $9.3 billion.

Cardano could pass Dogecoin and take Dogecoin’s place as the eighth largest cryptocurrency by market cap if the rebound continues and ADA goes above $0.30.

The price of Cardano today is 0.3346498 USD per ADA.

Cardano Price Prediction

Cardano’s price has gone up recently after dropping below $0.30 and hitting a low of $0.24 at the start of the year. After a retracement, it is now trading at $0.2645 with a market capitalization of $9.3 billion and a 24-hour trading volume of nearly $200 million.

If the rally continues and ADA goes above $0.30, Cardano may pass Dogecoin and take its place as the eighth largest cryptocurrency by market cap.

When an inverted H&S pattern forms, it’s a good sign that the trend is going to change and go up. A break above the neckline resistance makes the pattern more likely to be true. Cardano’s pricing has already shown that the H&S for an 11.7% rise to $0.29 is true.

Cardano’s price is slowly going down after reaching a weekly high of $0.27. Bullish traders, on the other hand, expect a rebound from the 100-day EMA, which is currently around $0.26.

The 200-day exponential moving average (in purple) and $0.29 are good places for traders to sell long positions in Cardano. Less risky investors, on the other hand, might wait until ADA hits $0.30 and, ideally, $0.33.

Even though the price of Cardano has dropped a little since its weekly high, the Moving Average Convergence Divergence (MACD) indicator shows that it is still going up.

Related: ADA Price Forecast: Today’s Cardano Price, 12 January 2023

As soon as the MACD goes into the positive zone, the ADA rebound is sure to keep going.

Predictions of a longer crypto winter don’t seem to bother some investors, especially those whose wallets hold between 10,000 and 100,000 coins.

According to on-chain data from Santiment, this address tier now holds 11.66% of Cardano’s supply, up from 10.48% about six months ago.

If the supply-demand number goes up, it shows that investors are feeling better. In other words, they think the price of Cardano will go up a lot in the next few weeks or months. The price of ADA is often pushed up by positive forces, which are often caused by a rise in demand.

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