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ADA course closes bullish; follow $0.73?

 


“If ADA closes above the 200-week EMA around $0.54 this week, it would constitute a bullish engulfing candle; a bullish candlestick pattern. This means that the chances are high that Cardano will continue its upward movement in the direction of the Fibonacci resistances.


So, if this scenario really materializes and Cardano price breaks above the 200-week EMA in a few hours, then chances are good for a bullish continuation of the upward move towards the Fib levels around $0.73 and $0.95. ”


ADA price closes above 200-week EMA, up around 14% today

ADA price successfully closed above the 200-week EMA, closing higher than the previous week's open. This is a bullish candle formation; a weekly bullish engulfing candle.


The ADA price reacted very strongly to this, because in just a few hours that the new week has given so far, Cardano has already risen by around 14%. Also, the histogram is ticking bullishly higher and the MACD lines may soon cross bullishly.


Will Cardano price break the 50-day EMA?

Previously, ADA price failed to break the 50-day EMA at around $0.66. If Cardano succeeds this time, it will find the first significant Fib resistance at around USD 0.74. If Cardano can also break this resistance, the golden ratio resistance is waiting for ADA at around USD 0.95.


In addition, the 200-day EMA is around USD 1, which acts as additional resistance. Ie Cardano will encounter strong resistance around the USD 1 mark.


In the daily chart, the MACD is currently developing very bullishly, because the MACD lines are bullishly crossed and the histogram is ticking bullishly higher.


Also, today's rise looks a lot like an impulse wave that could initiate the start of an upward movement.


What needs to happen for the ADA price to be back in the bull trend?

However, whether the surge will be short-lived or whether Cardano will get back into a medium-term bull trend largely depends on whether Cardano can break the golden ratio at around $2.1.


Because without a break in the golden ratio at around USD 2.1, the Cardano price will remain in a bearish correction phase. In addition, another Fib resistance awaits Cardano at around USD 1.4 before the ADA price can climb to USD 2.1.


Apart from that, the MACD is still clearly bearish. If Cardano returns to support at around USD 0.4 and breaks it bearishly, Cardano will only find significant support again between USD 0.088 – 0.014.


However, it currently looks as if the month of June could be bullish for Cardano.


Cardano price could break out bullish on the BTC chart

There is also bullish hope against BTC as the ADA price could now rise to the 0.382 Fib level at around 0.0000333 BTC if ADA bullishly breaks the trend line at the current price level.


If Cardano breaks the 0.382 Fib level at around 0.0000333 BTC, the next significant Fibonacci resistance is waiting for Cardano at around 0.000045 BTC.


Additionally, the MACD is showing bullish on the weekly chart as the MACD lines are close to a bullish crossover while the histogram is already ticking bullishly higher.


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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