Cardano

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 Cover image via <a href="https://u.today/">U.Today</a>
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A further drop continues on the market after a slight bounce off, according to <a href="https://u.today/doge-shib-bonk-and-wif-price-analysis-for-january-24">CoinStats</a>.
<img data-entity-type="file" data-entity-uuid="b4fadf36-8972-4bdf-b930-e7d761b14439" src="https://u.today/sites/default/files/inline-images/top10_902.png">ADA chart by&nbsp;<a href="https://coinstats.app/coins/">CoinStats</a>
<h2 class="text-align-justify" id="ada-usd">ADA/USD</h2>
The rate of Cardano (ADA) is unchanged over the last 24 hours.
<img data-entity-type="file" data-entity-uuid="99a903a2-3246-4a87-be6d-509f7832ae45" src="https://u.today/sites/default/files/inline-images/ada1_99.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ADAUSDT">TradingView</a>
On the hourly time frame, the price of ADA is closer to the support than to the resistance, which means that sellers are more powerful to a certain extent. If buyers lose the $0.47 mark, one can expect a support breakout, followed by a drop to the $0.46-$0.4650 zone.
<img data-entity-type="file" data-entity-uuid="c97dfbfc-80ed-4bc5-a70f-01570cdc5885" src="https://u.today/sites/default/files/inline-images/ada2_96.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ADAUSDT">TradingView</a>
A less clear picture is seen on the daily chart. Until the rate is above the support level of $0.4643, buyers have chances for a bounce back.
However, one should not expect a fast recovery as ADA has not accumulated enough power yet. In this case, sideways trading between $0.47 and $0.49 is the more likely scenario for the next few days.
<img data-entity-type="file" data-entity-uuid="a3a2131e-505b-4304-aa7e-36a078a4a995" src="https://u.today/sites/default/files/inline-images/xrp4_7.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ADAUSDT">TradingView</a>
From the midterm point of view, one should wait until the bar closes. If it happens far from the support, traders may witness a local rise to the $0.50 zone.
ADA is trading at $0.4733 at press time.

Cardano (ADA) Price Analysis for January 25

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