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Cardano (ADA) Price Prediction January 2022: Cardano Rises By 45% As It Tests Resistance At $1.59

Cardano (ADA) Price Prediction January 2022: Cardano Rises By 45% As It Tests Resistance At $1.59

ADA Technical Analysis – January 2022

Over the last few weeks, ADA has been mainly bearish. ADA had reached an all-time high in September at around $3.10. After that, it went downhill as the price of ADA entered a bearish trend. The price has declined by around 65%, but it has recently found support at $1.07. 

Recently, signs of strong bullish tendencies were noticed on the ADA/USDT 1-day chart, with the price increasing by around 45% in a matter of days. The price is now aiming to face resistance at $1.59, and breaking that structure could lead to a trend reversal. Other things equal, ADA could retrace slightly if resistance is strong, but it may eventually continue going upward. With smart contracts utilization delayed for ADA, the price dip was a result of Bitcoin’s price dip as well. Nonetheless, the latter has also recently entered a correction phase, with ADA aiming to do the same. 

The fear and greed index also suggests that the emotion is shifting from fear to greed with the price of ADA surging upward in the last few days.

Cardano (ADA) technical analysis
ADA/USDT 1-Day Chart. 

Key Structures

Support

  • $1.07

Resistance

  • $1.60

Indicators

Moving Average

The 20-day moving average has now moved below the price, indicating that the trend has now reversed for the ADA/USDT pair. This also indicates that the price could keep increasing, where ADA is showing strong bullish momentum.

Relative Strength Index

The RSI of a 1-day chart has shown signs of improvement in the last few days. After being close to the oversold region, it has been moving upward, and it is now approaching 70. The RSI indicates that the price of ADA is currently bullish, but it may retrace as it approaches the overbought region.

Cardano RSI 1-day chart
ADA/MACD 1-Day Chart Relative Strength Index (RSI).

MACD

The MACD line of a 1-day chart has also shown signs of growth, as the MACD line is diverging from the signal line. At this rate, the MACD line may move further above the baseline, indicating a bullish momentum for the short-term price of ADA.

Cardano MACD 1-day chart
ADA/USDT 1-Day Chart Moving Average Convergence Divergence (MACD).

Fibonacci

The Fibonacci retracement levels of a 1-day chart suggest that if the price retraces as other indicators suggest, then we may see the price of ADA find support either at the 38.2% or at the 61.8% levels. Both these levels coincide with previous structures, hinting at potentially strong structures that may support the trend reversal projected from our analysis.

Cardano Fibonacci Levels 1-day chart
ADA/USDT 1-Day Chart Fibonacci Levels.

Price Prediction ADA  – January 2022

Based on this technical analysis on Cardano (ADA), the price could keep increasing in the short run, but a slight retracement is imminent. Once the indicators stabilize and ADA has room for more growth, then we could see ADA break resistance and continue moving upward. At this rate, ADA could surpass $2, other things equal.

Latest News for ADA – Affecting Price

With Cardano continuously working on the successful adaptation of smart contracts in its blockchain, the number of smart contracts in the network has been increasing in the last few weeks. 

Smart Contracts on Cardano’s Plutus script. Source: Cardano Blockchain Insights

This shows strong interest in Cardano, as it aims to become the biggest competitor to Ethereum and its ecosystem. Projects such as SundaeSwap, Empowa, etc., could increase the utility of the ADA token, which could lead to an extensive increase in the price.

Related: Cardano Alonzo Update – Top 5 Upcoming Cardano Projects

In this quarter, Cardano will aim to further scale the network and make smart contracts integration more attainable.

Also read:

The Mayor of Brazil Will Invest 1% of The City’s Funds in Bitcoin

ETH Whale Just Bought 8M Dogecoin as Tesla Starts Accepting DOGE Payments

BTC Hash Rate Soars as Block Mining System is Confirmed by Jack Dorsey

Elon Musk Reveals “Dogecoin Acceptable As Payment For Tesla Merch”

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Robinhood Listing Rumors Prompt ETH Whale to Acquire 58.9 Billion SHIB

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