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Cardano price reaches Fib price target at 1.20 USD



The Cardano price reached the target price of 1.20 USD at the golden ratio support and bounced off it. Is ADA getting better now?


Cardano price forecast in retrospect

On November 23, we wrote about the Cardano price forecast: “In the medium term, the Cardano price could fall even lower . Should Cardano also fall under this, the ADA rate could even correct up to around USD 1.1 in the medium term. There Cardano should meet with massive support at the latest and be able to ricochet accordingly. "


We have been drawing attention to the golden ratio support at USD 1.1-1.2 for many weeks. We wrote on November 18, 2021 : “If the golden ratio should not hold at around USD 1.75, Cardano will find support at around USD 1.5 at the 50-week EMA. If this support also breaks, Cardano will find very strong support at the latest at the golden ratio at around 1.1 USD . "


As early as October 19, 2021 we wrote: “ Even in the weekly rate, it looks like the ADA rate will continue its downward trend . If things go really deep down for the Cardano course, there is very strong support for the ADA price at the latest at 1.45 USD and 1.2 USD. "


But already on August 25, 2021 we drew attention to the important Fibonacci support:


“Extremely strong support is waiting for the Ada price at USD 1.18. There the Cardano course meets the 50-week EMA and the largest golden ratio support. "


Cardano course in the daily course just before a death cross

Previously, Cardano was able to ricochet off the golden ratio at USD 1.75, only to then reach the resistance at around USD 1.9, whereupon Cardano met with rejection. Then Cardano broke through to the bottom. Now the Cardano price is in the daily rate but with the recent downward movement shortly before a death cross. Should the EMAs cross over in a bearish manner, the medium-term bearish trend would be confirmed. For a short time, however, the ADA price could rise a little for now.


Cardano price bounces off Golden Ratio support at $ 1.2

Ultimately, it reached exactly the golden ratio at around USD 1.2 and bounced off it strongly. This means that the ADA price will find its next significant resistance at around USD 1.9. In the weekly rate, however, the MACD generally signals a continuation of the downward trend. In the short term, however, the ADA price could rise to around USD 1.9.


Monthly rate basically looks bearish for the ADA rate

The downward trend seems to be just beginning in the monthly exchange rate, at least if one only looks at the MACD. Because this could soon cross over in a bearish manner and the histogram has been ticking bearishly lower for months anyway. The trading volume has also decreased significantly.


Monthly rate looks almost identical - Cardano also bounces off Golden Ratio

Against Bitcoin , the ADA rate looks almost identical. Previously, it was rejected at the golden ratio resistance at around 0.000056 BTC. As a result, the ADA price returned to the golden ratio support at 0.000026 BTC, which Cardano is currently bouncing off.

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