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Cardano Price Follows Price Prediction and Drops 50%

 


After we wrote on May 6th that the Cardano price was threatened with a 50% drop, it then fell 50% and bounced off the correction target.


In the last Cardano price forecast from May 6th we wrote:

“The Cardano price is threatened with a drop of around 50%. So, if Cardano breaks the current support at around USD 0.75, a drop to around USD 0.39 is getting closer. A correction to around $0.39 implies around 50% downside potential.”


However, we already suggested at the end of April that the Cardano price could crash to around USD 0.4.

Last week the Cardano price was around USD 0.78. This week, ADA price corrected all the way to the correction target around $0.4. Once there, the ADA price bounced off extremely hard and then shot up around 50%. Cardano was initially rejected at the 0.382 Fib resistance at around USD 0.59. Should Cardano continue its upward move, it must first break the Fib level around $0.59 to keep its bullish chances. Otherwise, the scenario that we discussed at the end of April could also occur:


“Because if Cardano also bearishly breaks the support around $0.4, it could return to the pre-bull run bottom in 2021 at $0.0755.”


Overall, the Cardano price in the daily chart is still good. MACD histogram is ticking bullishly higher and so far, Cardano still has a chance to break the resistance around $0.59. Then the next significant Fib resistance on the ADA course is waiting at USD 0.72, because Cardano meets the Golden Ratio resistance there.


Cardano price could close above 200-week EMA this week

ADA price is working its way up sharply this week after falling around 50%. If Cardano sustains above USD 0.54 on Sunday night, it will set a weekly candle close above the 200-week EMA. That would basically be a sign of a continuation of the upward movement. Still, it remains to be seen whether Cardano will be bearishly rejected at the Fib resistances around $0.59 and $0.72 to return to support around $0.4.


However, the weekly MACD is clearly bearish as the histogram ticks bearish lower while the MACD lines remain bearish crossed over.


Has the ADA price bottomed?

Whether Cardano has already found its bottom remains questionable. Should Cardano continue its upward movement and break the Fibonacci resistances, the next significant Fib resistances are waiting at USD 1.4 and USD 2.1. Only when ADA breaks the resistance at around USD 2.1 does its correction phase come to an end.


Basically, the USD 0.4 mark is a bottom candidate. However, if Cardano falls below this price level, it could potentially correct between $0.0755 – $0.15.


Against BTC, the ADA price bounces off support


The MACD is also clearly bearish against BTC, as the histogram is ticking down bearishly while the MACD lines remain crossed bearishly. Because the ADA course is currently bouncing off the horizontal support between 0.000016 and 0.00001935 BTC. If this is broken bearishly, ADA will only find support again between 0.0000096 – 0.0000123 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 taken by the reader based on the information found on our website is entirely at their own risk.

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