Cardano price forecast: ADA price today, January 24, 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 DATE ADA USD Today: 0.3791853
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.
Related: Cardano Price Predictions: ADA Price Today, January 21, 2023
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.
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.