Cardano Begins Correction: Is a Retreat to $0.3 Golden Ratio Looming?
The Cardano (ADA) price is currently experiencing a correction phase after a recent surge. It has been in a downward trend for the past three days, indicating the possibility of further correction down to the $0.344 support level. If this level is breached, the next significant support is located at the Golden Ratio around $0.3. Despite the correction, there is still a bullish trend in the short to medium term, as indicated by the golden crossover in the daily chart. However, other indicators like the MACD histogram and MACD lines suggest short-term bearish sentiment.
Cardano’s Price Forecast: Facing a Potential 20% Drop?
If Cardano corrects to the $0.344 support level, there could be a potential downside of around 8%. However, if it corrects to the golden ratio at $0.3, the potential downside could be as much as 19%. Cardano could undergo a correction of approximately 20% without invalidating its overall upward movement as long as it remains above the $0.3 support level.
ADA Price Correction Phase Kicks Off This Week
In the weekly chart, it seems that a correction may begin this week. The MACD histogram is trending lower in a bearish manner, suggesting a potential downtrend. However, the MACD lines are still crossed bullishly and the RSI remains neutral.
Has This Cycle’s Peak Been Reached?
Whether Cardano has reached its peak in this cycle and is returning to a downtrend depends on whether it breaks the $0.3 support level. The MACD lines are on the verge of crossing bullishly and the RSI remains neutral.
Cardano Faces Bearish Rejection at 0.382 Fib Level Against Bitcoin, at 0.00001033 BTC
Against Bitcoin, Cardano faced a bearish rejection at the 0.382 Fibonacci resistance level. It is currently heading towards the next Fibonacci support levels at approximately 0.00000984 BTC and 0.0000091 BTC. The MACD histogram has started to tick lower in a bearish manner, but the MACD lines are still crossed bullishly and the RSI is neutral.
Hot Take: Cardano’s Correction Phase Signals Potential Volatility
The recent correction phase in Cardano’s price suggests potential volatility in the short term. While there is still a bullish trend overall, indicators like the MACD histogram and bearish crossovers of the MACD lines indicate short-term bearish sentiment. The support levels at $0.344 and $0.3 are crucial to watch for further price movements. If Cardano breaks below the $0.3 support level, it may signal a return to a downtrend. On the other hand, if Cardano successfully holds above this level, it could resume its upward trajectory with resistance levels at $0.37 and $0.43.
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