Cardano (ADA) Price Analysis: Will the Correction Continue or will a Reversal Happen?
The Cardano (ADA) price is currently undergoing a significant correction, facing crucial support levels that could determine its next move. Let’s analyze the recent price action and indicators to understand if the price will continue to fall or if a reversal is on the horizon for ADA.
Cardano’s Downturn: A 31% Price Drop Over the Last Month
– Last month, Cardano struggled to surpass the $0.86 resistance level, leading to a corrective phase
– The price of ADA has dropped by 31% overall, as seen on the monthly chart
– The MACD histogram shows a bearish trend, signaling further downside potential
– Despite the bearish outlook, the MACD lines still maintain a bullish crossover, while the RSI remains neutral
– Significant support is expected around $0.46, backed by the 50-month Exponential Moving Average (EMA)
Continuation of Correction for Cardano Price?
– ADA could see a bullish rebound from the current Fib support level at $0.584, targeting the golden ratio at $0.72
– Breaking the golden ratio resistance at $0.72 could pave the way for further gains towards $0.86
– On the downside, a retreat to the golden ratio support at $0.44 is possible if bearish rejection occurs
– Weekly MACD lines have turned bearish, while the RSI remains neutral, and EMAs show a golden crossover
Short-Term Upward Shift for Cardano Price?
– ADA might surge by 22%, reaching $0.72 if a bullish rebound occurs from the 0.382 Fib support level at $0.584
– The 50-day EMA at $0.624 could act as resistance, but overall indicators suggest a bullish sentiment
– Daily chart shows a golden crossover and bullish momentum in the MACD histogram
– RSI in neutral territory with a slight bullish divergence
Bearish Signal: Death Cross Emerges on Cardano’s 4-Hour Chart
– A death cross among the EMAs confirms a short-term bearish trend for ADA
– Bearish crossover of MACD lines supports the bearish sentiment
– RSI shows a slight bullish divergence but remains in neutral territory
Cardano vs. Bitcoin: ADA Breaks Crucial Golden Ratio at 0.00011 BTC
– Against Bitcoin, Cardano is testing horizontal support levels between 0.0000083 BTC and 0.0000097 BTC
– The MACD histogram shows a bearish trend, hinting at a potential bearish crossover
– RSI remains neutral, but a bullish rebound is possible if support holds
– Next major support levels expected between 0.000004 BTC and 0.000005 BTC
Hot Take: What’s Next for Cardano (ADA) Price?
In conclusion, Cardano’s price is at a critical juncture, with indicators pointing to both bullish and bearish scenarios. Keep a close eye on the key support and resistance levels mentioned above to gauge the direction of ADA’s price movement in the coming days. Stay informed and make informed trading decisions based on the latest market analysis.
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