Cardano (ADA) Price Prediction for January 8
Amid the ongoing market crash, Cardano (ADA) has turned bearish and is ready to continue its price decline. Today, January 8, 2024, the sentiment across the cryptocurrency market has changed as the overall cryptocurrency market down 5.5%.
Cardano (ADA) Technical Analysis and Upcoming Levels
The market crash resulted in the collapse of the four-day consolidation zone between the $1.047 and $1.11 levels faced by ADA. According to expert technical analysis, the breakout has turned ADA bearish, with an initial drop of 8% to support at $0.95 likely.
However, if the price continues to fall and ADA fails to hold the support level of $0.75, the price may drop another 20% in the future to reach the next support level of $0.75.
Currently, ADA is trading near $1.01, with prices down more than 10% in the past 24 hours, with an intraday high of $1.15. During the same period, trader and investor participation surged, with altcoin trading volume soaring 57.7%.
Exchange witnesses $36 million in outflows
This bearish price action and overall market sentiment has stoked fear, but some long-term holders have been accumulating tokens, on-chain analytics firm reports coin glass. Spot inflow/outflow data shows that the exchange witnessed over $36.16 million worth of ADA outflows during the market crash, the highest level since December 18, 2024.
In the cryptocurrency world, an “outflow” refers to the movement of assets from an exchange to a wallet, which is considered a sign of potential accumulation. This indicator further highlights potential buying pressure, upside rallies, and suggests ideal buying opportunities.
It is crucial for traders and investors to monitor key levels such as $0.75 as it can create a life or death situation.
