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The Cardano price is threatened with a drop of around 50%

 


Cardano price only shot up 23% after bouncing off the support. However, this was followed by a fall in prices.


In the last Cardano price prediction from April 26th we wrote:

“Cardano failed to find renewed support at the golden ratio at $0.092, instead the ADA price is crashing. This could move the ADA price back to the local low at around USD 0.75, where it encounters horizontal support. Overall, however, it looks very bearish for the ADA course, which is particularly evident in the monthly chart. But the indicators are also bearish in the daily chart: both the EMAs and the MACD lines are bearishly crossed and the histogram is also ticking bearishly lower.


If Cardano cannot bounce off the support between USD 0.745 – 0.775, but breaks through it bearishly, the 200-week EMA awaits the ADA course at USD 0.54. There the last support is waiting for the ADA price before it goes really deep. "


Cardano price returned to support around $0.75 and rebounded 23%

Since the last Cardano price forecast, the ADA price fell from around USD 0.86 to around USD 0.75 and bounced off the support violently, giving Cardano an overall price increase of around 23%. However, it failed to reach the 0.382 Fib resistance at the 50-day EMA at around $0.925. Instead, the Cardano price fell sharply yesterday: the ADA price fell by around 15% in just 24 hours. This means that the MACD histogram is ticking bearishly lower again and the MACD lines also remain bearishly crossed.


If Cardano price breaks support, then..

The Cardano price is currently again at the important support at around USD 0.75 and should this be breached in a bearish manner, Cardano will only find support at the 200-week EMA at around USD 0.54 before it is threatened with a violent price drop. After that, the ADA price only finds significant support again at around USD 0.39. 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 USD 0.39 implies around 50% downside potential.


In addition, the weekly MACD is also clearly bearish: the histogram ticks bearishly lower and the MACD lines cross bearishly.


Cardano is also bearish on the monthly chart

The monthly chart also looks bearish for the Cardano course, because here too the histogram of the MACD ticks bearishly lower while the MACD lines remain bearishly crossed. Nevertheless, there is still a chance that the ADA price can hold above the support at around USD 0.75. Then he could again attack the Fibonacci resistance at around USD 0.93.


The ADA course looks much better against BTC

The ADA course is much more bullish against BTC. It already finds significant support between 0.000016 – 0.00002 BTC and currently it seems to bounce off the 50-month EMA at 0.0000192 BTC. With that, it encounters the next significant resistance at 0.0000225 BTC.


Although the indicators are still bearish here, there is already much more important support waiting for the ADA course compared to the USD chart. In addition, the ADA price is currently holding above the 50-month EMA, which is a bullish sign.

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