Cardano (ADA) Price Analysis for January 17: Will the Bulls Break the Key $1.10 Resistance Level?

Cardano's (ADA) price is edging closer to the key $1.10 resistance level, with traders anticipating potential movement within the next 24 hours.

Cardano’s (ADA) native token is nearing a critical resistance level as traders anticipate potential price movements in the coming hours. Here's an analysis of ADA's price action and key factors influencing its trajectory.

ADA Price Nears Resistance, Eyes Potential Breakout

Cardano's ADA token is showing signs of strength, trading at higher levels as the broader crypto market sees renewed optimism. With a daily high of $1.09 and current trading price of $1.06, ADA has seen a 3.60% increase over the past 24 hours, according to CoinMarketCap.

This performance follows Bitcoin's brief climb above the $40,000 level, which has sparked some enthusiasm in the market. However, ADA remains significantly below its all-time high of $3.10, currently trading at 65.96% lower. As ADA approaches the key resistance level of $1.10, traders will be closely watching to see if the bullish momentum can propel the token past this barrier on January 17.

Institutional Interest Crucial for ADA Growth

Discussions among traders on X (formerly Twitter) highlight the topic of institutional interest in Cardano. Some traders believe that ADA's slower growth compared to other cryptocurrencies, such as Solana (SOL), which recently surged to new all-time highs, could be attributed to a lack of institutional backing.

Cardano has seen impressive development activity and community engagement, but some traders suggest that greater institutional involvement could accelerate ADA's price performance.

Traders discussing institutional interest in Cardano. Source: X (formerly Twitter)

Cardano's institutional adoption has been a subject of interest, with efforts being made to attract more large-scale investors. Fintech firm Trakx recently launched the Cardano Crypto Tradable Index (CTI), which brings together Cardano's top projects into a single, tradable asset.

According to Trakx, the CTI aims to increase visibility and liquidity for promising ventures within Cardano's ecosystem, ultimately making it more attractive to institutional players.

Cardano Ecosystem CTI is now available

The community has approved the development proposal. This marks a significant milestone for both Trakx and the Cardano ecosystem. Starting today, the Cardano Ecosystem CTI is officially available on https://t.co/uhz62eL4Ry! This … pic.twitter.com/qMld9okhtd

ADA Price Analysis for January 17

Technical analysis of ADA's price chart shows that the token's next move could depend on whether it breaks through the $1.10 resistance level. On the daily time frame, the MACD indicator suggests potential bullish momentum, with the MACD line crossing above the signal line.

Moreover, the Relative Strength Index (RSI) currently reads 56.40, indicating buyers have regained control. However, the RSI's gradient suggests a possible retest of lower price levels before another attempt at breaching the resistance.