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Cardano price continues downtrend

 


The Cardano course was initially able to bounce off strongly and recorded a price gain of 50%. However, it is now continuing its downward movement.


Will Cardano bounce again?

After the Cardano price was initially able to bounce off the support at around USD 0.4 by around 50%, the Cardano price is now moving further down again. Two Fibonacci supports at USD 0.53 and USD 0.49 are still waiting for the Cardano course before it will return to the USD 0.4 mark. However, if Cardano breaks through these supports, it could go down a notch.


However, the MACD is currently bullish in the daily chart, because the histogram has been ticking bullishly higher for a few days and the MACD lines are also about to cross over bullishly.


Will the Cardano rate fall to $0.088 – $0.14?

If Cardano bearishly breaks through the support at around USD 0.4, there will only be significant support for the ADA price between USD 0.088 and USD 0.14. In the weekly chart, the MACD is also clearly bearish, because the histogram is ticking bearishly lower and the MACD lines remain bearishly crossed. In addition, the RSI does not show any signs of bullish divergence either, instead it will soon reach oversold regions.


What has to happen for the Cardano course to become bullish again?

For Cardano to break the bear trend and turn bullish again, it needs to clear the Fibonacci resistances around $1.4 and $2. Before that, however, significant Fib resistances are already waiting for the Cardano course at around USD 0.74 and USD 0.94. In addition, the monthly RSI does not give any bullish signs and the histogram of the MACDs is also ticking bearishly lower.


Against BTC, the ADA price is at support


The indicators in the monthly chart are also clearly bearish against BTC. Nevertheless, the ADA course is currently at a support level between 0.0000161 and 0.0000193 BTC. If ADA stays above this support, it could target Fib resistances at 0.000033 BTC and 0.000045 BTC. Otherwise, Cardano will only be supported again between 0.0000096 – 0.000012 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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