Cardano (ADA) Price Trends: What’s Ahead on January 21?

ADA dropped below $1 in the past 24 hours but is now trading well above it.
Analyst Ali Martinez expects ADA to claim a price tag of $6 in the near future.
Trump’s pro-crypto administration begins today and the crypto market awaits a breakout.

Cardano’s ADA token reclaimed the $1 price level in the past 24 hours, despite a 5.67% drop in value. As of now, ADA trades at $1.01, securing its position as the ninth-largest cryptocurrency with a market cap of $35.57 billion, according to CoinMarketCap data.

The $0.90 price level has proven to be strong support for ADA, holding steady despite recent market fluctuations. On the upside, resistance at $1.10 is within reach, and investors are closely watching for a move towards this level. A successful breach could push ADA toward its next key resistance at $1.50.

Today marks the beginning of Donald Trump’s pro-crypto administration, with investors waiting for a potential bullish breakout for the market. ADA could make higher highs in the coming days with discussions intensifying on a spot Cardano ETF.

Analyst sentiment has been overwhelmingly positive, with experts predicting strong upward momentum. Ali Martinez, a respected market analyst, projected that ADA could hit a new all-time high of $6, citing its historical price patterns. Further, the digital asset was also recently added to the Grayscale Digital Large Cap Fund.

Can ADA Hit $6? Analyst Predictions Explained

The daily chart for ADA paints a mixed picture. The RSI reading of 50.92 suggests a balanced tug-of-war between bulls and bears. The gradient of the RSI line also suggests similar sentiments prevailing in the market.

Meanwhile, the MACD indicator shows the blue MACD line nearing the red signal line, signaling the risk of a bearish divergence. If ADA loses the $1 support, it may retest $0.90 or even lower levels.

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