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

• Cardano (ADA) has dropped greater than 5% in 24 hours and faces a retest of $1.
• The altcoin will flip bullish within the subsequent two or three weeks, claims analyst Ali Martinez. 
• ADA can skyrocket to $6, Martinez stated, whereas highlighting earlier market actions.

ADA, the native token of the Cardano blockchain, has dropped 5.11% prior to now 24 hours, buying and selling at $1.07 on the time of writing. Regardless of its decline, ADA stays the ninth-largest digital asset with a market capitalization of $37.74 billion, though it’s nonetheless down 65.63% from its all-time excessive of $3.10.

Knowledge from CoinMarketCap exhibits that ADA reached a each day excessive of $1.16, trying to flip the $1.10 resistance right into a help degree. Nevertheless, the try failed, leading to a bearish breakout. If the $1 degree doesn’t maintain, the subsequent important help lies at $0.90.

Analyst Predicts ADA Rally to $6

Whereas ADA’s short-term outlook seems difficult, analyst Ali Martinez suggests a possible rally to $6 could possibly be on the horizon. Martinez highlighted a sample from 2021 when ADA dropped 44% earlier than initiating a robust upward motion. Drawing parallels, the analyst predicts that ADA’s subsequent leg up on this cycle might happen inside two to a few weeks.

Associated: Cardano (ADA) Value Prediction for January 17: What to Anticipate within the Subsequent 24 Hours

ADA Value Evaluation

Over the previous seven days, ADA has gained 16.00%, with a 9.63% improve over the past month and a 105.36% surge prior to now 12 months. Nevertheless, to substantiate a bullish breakout, the token should surpass the $1.50 resistance and set up it as a brand new help degree.

The RSI indicator at the moment reads 56.26, signaling that whereas bulls have some management, promoting stress is rising. The RSI gradient suggests a attainable retest of the $1 help degree within the brief time period.

Associated: Altcoin Market Primed for $1.3 Trillion Run After 36-Day Correction, Analyst Predicts

In the meantime, the MACD indicator stays bullish, however a lowering histogram signifies weakening momentum, additional pointing to a rise in promoting exercise.

Key Takeaways:

• ADA faces rapid resistance at $1.10 and a important help degree at $1.00.
• A breach under $1.00 might see ADA testing $0.90 as the subsequent help.
• Analyst predictions point out a possible rally to $6 primarily based on historic traits.
• To maintain bullish momentum, ADA should overcome the $1.50 resistance and maintain above it.