Cardano Price Analysis: Will ADA Recover or Decline Further?
The current price of Cardano (ADA) is undergoing a corrective phase, similar to many other cryptocurrencies. Investors and analysts are speculating on whether ADA will experience a prompt recovery or face further decline.
Cardano Price Battles Resistance at $0.64
ADA recently experienced a correction from around $0.81 to approximately $0.57. This correction was triggered by a bearish divergence detected in the Relative Strength Index (RSI). However, ADA found support at the 0.382 Fibonacci level at $0.58 and is currently facing significant resistance at the 50-day Exponential Moving Average (EMA) at $0.64.
- Breaking the 50-day EMA resistance could lead to further gains, with the next hurdle at around $0.66.
- If ADA surpasses the golden ratio level at $0.72, it could indicate a return to an upward trajectory, potentially targeting the golden ratio resistance at approximately $0.86.
Death Cross Looming in Cardanoโs 4H Chart?
In Cardanoโs 4-hour chart, there is a looming death cross that signifies a potential confirmation of a short-term bearish trend. The 50-4H and 200-4H EMAs converge at the 0.382 Fibonacci level, serving as additional resistance points around $0.66.
- The RSI remains neutral, while the MACD lines are currently crossed in a bullish manner.
- The MACD histogram displays a downward trend, indicating bearish momentum.
Is Cardano Headed Towards $0.47 Golden Ratio Support?
If Cardano undergoes a bearish breach of the 0.382 Fibonacci level at $0.58, it is expected to encounter significant Fibonacci support at the Golden Ratio level around $0.47. This support zone is reinforced by the presence of the 50-week and 200-week EMAs, which recently underwent a golden crossover.
- Both the RSI and MACD histogram exhibited bearish divergences in the weekly chart, indicating downward pressure.
- However, the MACD lines persist in a bullish cross, suggesting ongoing positive momentum.
Cardano Monthly Chart: No Bearish Signals Detected
In the monthly chart, Cardanoโs indicators remain devoid of bearish signals. The MACD histogram shows an upward trend, complemented by bullishly crossed MACD lines, while the RSI maintains a neutral stance.
- Cardano encounters substantial support at the 50-month EMA positioned at approximately $0.4565.
Cardano Bears Break Golden Ratio Support Against Bitcoin
Against Bitcoin (BTC), Cardano has breached the critical golden ratio support around 0.000011 BTC. It now faces horizontal support within the range of approximately 0.0000083 BTC to 0.0000097 BTC.
- The current positioning of the MACD lines suggests a neutral stance, while the MACD histogram illustrates an upward trajectory in the monthly chart.
- The RSI maintains a neutral position without conveying any bullish or bearish signals.
Hot Take: Will ADA Recover or Face Further Decline?
The current price analysis of Cardano (ADA) presents a mixed picture, with indicators showing both bullish and bearish signals. The resistance at $0.64 remains a significant hurdle for ADAโs recovery, while breaching the golden ratio level at $0.72 could indicate an upward trajectory. However, caution is warranted as bearish divergences in the weekly chart and a potential death cross in the 4-hour chart suggest downward pressure.
Despite these challenges, Cardanoโs monthly chart remains optimistic, with no bearish signals detected. As long as ADA maintains its position above the golden ratio support level at $0.47, the possibility of an upward trend remains viable.
When considering ADAโs performance against Bitcoin, the breach of golden ratio support raises concerns. However, the neutral stance of MACD lines and RSI indicates that the situation is still uncertain.
As a crypto reader, it is essential to closely monitor Cardanoโs price movements and analyze various indicators to make informed investment decisions.
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