ADA Price Analysis – January 11
ADA/USD slips today as the price drops to $0.226. In the coming days, the coin may likely create a new low or recover from slippery.
Resistance levels: $0.35, $0.37, $0.39
Support levels: $0.18, $0.16, $0.14
ADA/USD falls beneath the long-term support and touched $0.226, which is now subject to the price actions around the 9-day moving average at the time that the market opens today. Meanwhile, as the bears dominate the market, ADA/USD is now losing momentum to the lower side of the rising wedge along with a potential price surge.
What to Expect from Cardano (ADA)
The technical indicator RSI (14) on the daily chart nosedives from the overbought region and may continue to issue some sell signals. Looking at the daily chart, if ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $0.18, $0.16, and $0.14 levels. On the upside, the bulls may need to push the price above the upper boundary of the channel to reach the resistance at $0.35, $0.37, and $0.39 levels.
ADA/BTC Market: Remains Above the Moving Averages
Against Bitcoin, the market is seen to be moving close to the 9-day moving average within the channel where the price is expected to break below. Meanwhile, should the price cross down the moving averages, the market may likely experience a downward trend that could reach the nearest support level of 650 SAT and below.
However, if the bulls manage to push the market above the upper boundary of the channel, the Cardano price may likely reach the resistance of 950 SAT and above. Meanwhile, the bears may fully come into play as the RSI (14) signal line moves below the 55-level.