ADA Price Analysis: Despite 5% Drop, Analyst Predicts Rally to $6 Could Be on the Horizon

ADA, the native token of the Cardano blockchain, has dropped 5.11% in the past 24 hours, trading at $1.07 at the time of writing.

ADA, the native token of the Cardano blockchain, encountered a bearish breakout on Friday, as the token faced resistance at the $1.10 level. Despite attempts to pivot the resistance into a support level, selling pressure resulted in a breakout to the downside.

The bears took over after the token reached a daily high of $1.16. The breakout occurred as ADA faced resistance at the 100 Moving Average (MA) on the 4-hour chart. Following the breakout, the next significant support lies at the $0.90 level.

An analyst predicts that ADA could rally to $6 in the next two to three weeks. The prediction aligns with a pattern observed in 2021, where ADA experienced a 44% drop before initiating a strong upward movement.

According to the analyst, ADA's next leg up in this cycle is expected to begin around January 24 to 27. However, the prediction remains subject to change based on market conditions and should not be taken as financial advice.

ADA’s price today is $1.07 with a 24-hour trading volume of $1.14 billion. ADA is down 5.11% in the past 24 hours. With a circulating supply of 35.24 billion ADA, the ninth-largest digital asset has a total market cap of $37.74 billion.

The cryptocurrency reached an all-time high of $3.10 in September 2021, and is currently down 65.63% from the ATH.

From the technical perspective, ADA encountered resistance at the $1.10 level on Friday. After attempting to pivot the resistance into a support level, selling pressure resulted in a breakout to the downside.

The bears took over after the token reached a daily high of $1.16. The breakout occurred as ADA faced resistance at the 100 Moving Average (MA) on the 4-hour chart. Following the breakout, the next significant support lies at the $0.90 level.

An analyst predicts that ADA could rally to $6 in the next two to three weeks. The prediction aligns with a pattern observed in 2021, where ADA experienced a 44% drop before initiating a strong upward movement.

According to the analyst, ADA's next leg up in this cycle is expected to begin around January 24 to 27. However, the prediction remains subject to change based on market conditions and should not be taken as financial advice.

ADA gained over 16% in the past seven days. At the same time, the token encountered resistance at the $1.10 level on Friday. After attempting to pivot the resistance into a support level, selling pressure resulted in a breakout to the downside.

The bears took over after the token reached a daily high of $1.16. The breakout occurred as ADA faced resistance at the 100 Moving Average (MA) on the 4-hour chart. Following the breakout, the next significant support lies at the $0.90 level.

An analyst predicts that ADA could rally to $6 in the next two to three weeks. The prediction aligns with a pattern observed in 2021, where ADA experienced a 44% drop before initiating a strong upward movement.

According to the analyst, ADA's next leg up in this cycle is expected to begin around January 24 to 27. However, the prediction remains subject to change based on market conditions and should not be taken as financial advice.