Cardano price analysis: ADA down 8% in last 7 days, set to fall more?

Cardano price analysis for January 29 comes with a bearish outlook for investors as the price of ADA at the time of writing is at $1.05
Cardano price analysis for January 29 comes with a bearish outlook for investors as the price of ADA at the time of writing is at $1.05

Cardano price analysis for January 29, 2022, comes with a bearish outlook for investors as the price of ADA at the time of writing is at $1.05. The price is nearly 66.01% low from the all-time high of ADA, which was witnessed on September 2 at $3.10. 

A number of projects have been moving to Cardano recently. TheCoinRise also reviewed the first mover DEX on Cardano blockchain, AstroSwap, on January 28, 2022. We also witnessed that the price of Cardano was on the path to $1, and it did fall below $1 for a brief moment, as per our January 24 Cardano price analysis.

The data from CoinMarketCap shows that the token is currently ranked 6th in the crypto market with a 22.43% decrease in the trading volume followed by a 0.50% increase in the market cap. The daily candle for today opened at a price of $1.049 and reached a daily high of $1.059, finally following the daily low of $1.037.

Cardano price analysis on the daily chart

Cardano price analysis on the daily charts below suggests a bearish downtrend for the token. However, the founder of Cardano recently talked about the future of DeFi and Cardano’s role in it, and it seems that the founder has a lot of projects planned for the smart contracts platform.

Cardano price analysis
Source: TradingView

The chart above shows that the ADA token is situated in the lower end of the Bollinger Bands and if selling volume increases, ADA might fall below $1 once again.

Cardano price analysis
Source: TradingView

The chart above shows the RSI indicator, which hasn’t yet visited the oversold levels, unlike its competitor Solana, which is in the oversold levels, as reported by TheCoinRise.

Conclusion

Cardano is not being oversold, which means that investors are holding on to their tokens. Furthermore, the token has been performing better than its competitors like Solana, and with new DeFi projects coming on the Cardano blockchain, our Cardano price analysis for the long term is bullish.

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