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Can Cardano close bullish this week?

 


Only a few hours until the weekly candle of the Cardano course closes. Can the Cardano course still close bullishly?


Cardano price bounces off golden ratio support

Cardano price returned to golden ratio support around $0.53 after Cardano was rejected at the 50-day EMA around $0.66. Arriving at the golden ratio support, Cardano was able to rise around 13%, but was then rejected in a bearish manner at the 0.382 Fib level. Cardano then returned to golden ratio support again.


Now, Cardano could bearishly break the golden ratio support to target the next support around $0.4. On the other hand, Cardano could now rally to the 0.382 Fib resistance around $0.73 if Cardano can hold above the golden ratio support around $0.53.


In the daily chart, the MACD lines are still crossed bullishly, but the histogram is already ticking bearishly lower. Also, the RSI gives neither bullish nor bearish signals.


Cardano price could have a bullish weekly candle close

In the last Cardano price forecast we wrote:


“If Cardano price closes above the 200-week EMA around $0.54 this week, it would constitute a bullish-engulfing candle; a bullish candlestick pattern. So the chances are high that Cardano will continue its upward movement towards 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.


In addition, the histogram of the MACDs could also close bullish this week. However, the MACD lines remain a bearish crossover.


What needs to happen for Cardano's trend to become bullish again?

In order for Cardano to end its correction phase and initiate a new bull cycle, Cardano needs to break the golden ratio at around USD 2.1. Without a break of this price level, the Cardano price trend remains bearish.


If Cardano instead bearishly breaks the support at around USD 0.4, Cardano could even correct to around USD 0.09 – USD 0.14.


In any case, the MACD is still bearish in the monthly chart, because the histogram is ticking bearishly lower and the MACD lines remain crossed bearishly.


The Cardano course could break out bullishly against BTC

Against BTC, Cardano could break the trendline at around 0.000021 BTC to subsequently rally to the 0.382 Fib level at around 0.0000333 BTC. The MACD histogram is also ticking bullishly higher this week and if it closes bullishly, the bullish move could continue.


However, the MACD lines remain a bearish crossover. However, this could change soon if Cardano breaks the trendline at around 0.000021 BTC.


Should Cardano break the Fib resistance at around 0.0000333 BTC, Cardano will find the next significant Fib resistance at 0.0000445 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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