Cardano price analysis on the daily chart suggests that the ADA price trajectory is bearish as it aims for support at $1. The price of the ADA token at the time of writing stands at $1.05, and it seems that more downfall might soon occur.
The data from CoinMarketCap shows that the trading volume of ADA fell by around 45.59%, with a 5.62% drop in the market cap. Furthermore, at the time of writing, the price of Cardano is 65.98% low than its all-time high at $3.10.
The price of ADA has been following a downtrend for a long time as the ADA token fell below $1.75 amidst bearish pressure, as TheCoinRise reported. However, this doesn’t mean that it is over for the token. Recently, the project hit a new milestone of over 1 million staking wallets.
Cardano price analysis on the daily chart
Cardano price analysis on the daily chart indicates that the token is traveling in the lower end of the Bollinger Bands and aims for a further downfall. If the selling volume continues to surge, the prices might revisit $1.
The 50-day and 100-day Moving Averages have been below the price action since the token witnessed the ATH and battled with Ethereum in 2021 for second place.
The RSI indicator, on the other hand, suggests that the token has broken into the bearish zone, and if it continues to do the same, our Cardano price analysis states that prices below $1 are possible.
Conclusion
The Cardano price analysis for Jan 24, 2022, can be concluded on a bearish note. After the launch of the Alonzo upgrade, the ADA token has gained a lot of utility. A number of projects have been launched on the network. Furthermore, a unique Cardano stablecoin, ADADAO, is also hosting a public sale on KICK.io, which proves that it is not over for ADA.
