Cardano (ADA) price forecast for January 8
Amidst the ongoing market crash, Cardano (ADA) has turned bullish and is poised to continue its price decline. Today, January 8, 2024, the entire cryptocurrency market has decreased by 5.5%, the mood in the cryptocurrency market has changed.
Cardano (ADA) technical analysis and upcoming levels
This market breakdown resulted in a breakdown of the four-day consolidation zone that ADA was facing between the $1.047 and $1.11 levels. According to expert technical analysis, this breakdown has turned into a bearish ADA, and there is a strong possibility that it can decrease by 8% to reach the support level of $0.95 at the beginning.
However, if this price decline continues and ADA fails to hold the $0.75 support level, another 20% drop in price is possible in the future and reach the next support level at the $0.75 mark.
Currently, ADA is trading around $1.01 and has lost more than 10% in the last 24 hours, with an intraday high of $1.15. During the same period, the trading volume of the altcoin increased by 57.7%, and the participation of traders and investors increased.
It is witness to the outflow of 36 million dollars.
This price action and overall market sentiment have created panic, but some long-term holders are hoarding the signal, according to chain analytics firm Koenigles. Amidst the market crash, exchanges issued more than $36.16 million worth of ADA, the highest since December 18, 2024, according to data from Inflow/Exit.
In the cryptocurrency landscape, an “outflow” refers to the transfer of assets to a wallet, which is considered a token of accumulation. This indicator shows buying pressure, reversal rally and also hints at good buying opportunities.
It will be very important for traders and investors to monitor key levels such as $0.75, because it creates a drying or breaking situation.
