Last updated on May 18th, 2024 at 12:13 pm
Cardano (ADA) price analysis for January 25 – The general crypto market is still experiencing a correction with the majority of cryptocurrencies trading in the red zone.
Live data from CoinMarketCap show that the global crypto market cap is currently valued at $1.55 trillion representing a 0.19% decrease in the last 24 hours.
Also, the crypto fear and greed index still shows a mixed feeling among investors, however, the value rests at 58 indicating a four-point increase from yesterday’s 48.
Source: Alternative
The price of the flagship cryptocurrency – Bitcoin, has significantly dropped compared to the beginning of the year. According to data from CoinMarketCap, BTC is currently trading at $39,755. Furthermore, its price is down by 0.08% in the last 24 hours.
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Ethereum, the second-largest cryptocurrency by market cap continues to trade below the $2,300, dropping by 0.34% over the last day.
With the current state of the market, traders are observing to see if other altcoins can stay bullish amid the mixed speculations.
Let us look at the price analysis for Cardano (ADA).
Cardano (ADA) price analysis
Over the last 24 hours, the price of Cardano has dropped by 1.10% according to data from Coinstats. On the hourly chart, the price continues to trade close to the support than the resistance.
This means that sellers are more dominating than buyers. Buyers could anticipate a support breach and a further decline to the $0.46–$0.4650 zone if they break below the $0.47 mark.
Source: TradingView
Looking at the daily chart, buyers can bounce back if the price goes above the support level of $0.4643. However, investors should not expect a swift recovery as Cardano has not gathered enough momentum yet. As a result, trading between $0.47 and $0.49 is more likely going to happen within the next few days.
Source: TradingView
In the long run, it makes sense to hold off until the bar closes. Should it occur far from the support, traders might observe a local upswing to the $0.50 region.
Cardano (ADA) price analysis
According to data from Coinstats, the price of ADA today is $0.46. Cardano has a 24-hour trading volume of $262,333,837 ($262 million) and a live market cap of $16,392,740,050 ($16.3 billion). Finally, Cardano (ADA) maintains the #8 position on the global crypto market chart.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.