CandleFocus

Cardano (ADA) Price Prediction For January 12

Author: Content Editor
The native token of the Cardano blockchain, ADA, has broken out of a bullish price pattern on the daily timeframe, signaling significant upside momentum. Technical analysis suggests that ADA has formed a bullish Head-and-Shoulders pattern on the hourly timeframe, which indicates a buy signal for traders. If ADA holds above the $0.95 mark, it could potentially reach $1.24 in the coming days, representing a 25% increase. Traders on Binance have been building strong long positions, with a long/short ratio of 3.75 and 78.96% of top traders holding long positions. Open interest has increased by 9.89% in the past 24 hours, indicating continuous position building by traders. ADA is currently trading near $0.999, experiencing a 7.5% upside momentum in the past 24 hours, although trading volume has decreased by 44% during the same period.

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