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Cardano course rejected again bearish

 


The Cardano price has now been rejected again in a bearish manner at the 50-day EMA, which means that a bullish breakout was not possible.


Cardano price is rejected again at the 50-day EMA

After a bearish rejection at the 50-day EMA around USD 0.64, Cardano price returned to the golden ratio around USD 0.53 to bounce off it in a bullish manner. Cardano then rose again to the 50-day EMA at around USD 0.64, at which point Cardano was again rejected in a bearish manner.


The Cardano price even broke the bearish golden ratio support at around USD 0.53, but Cardano is currently at a trend line support, which extends from mid-May to now.


If Cardano also breaks this support bearishly, the next support on Cardano will only be around 22% below the current price level, at around USD 0.4.


Furthermore, the MACD is turning bearish on the daily chart as the histogram is ticking bearish lower and the MACD lines are about to cross bearishly. The RSI, on the other hand, gives neither bullish nor bearish signals.


The MACD is also bearish on the weekly chart

The MACD is also bearish on the weekly chart, as the histogram is ticking bearishly lower and the MACD lines are bearishly crossed. The RSI is bordering on oversold regions, but is not giving any bullish signals yet either.


If Cardano bounces off the support around $0.4 again, it will face significant resistance as early as $0.64 at the 50-day EMA. If Cardano breaks this, significant Fibonacci resistance awaits the Cardano course at around USD 1.4 and at the USD 2.0 mark.


Cardano price could crash and drop to around USD 0.14

If Cardano bearishly breaks the support at around USD 0.4, significant support will wait for Cardano again between USD 0.088 and USD 0.014. In addition, the MACD in the monthly chart is also clearly bearish, while the RSI is giving neither bullish nor bearish signals.


The Cardano price could not break out bullishly against BTC

On the BTC chart, Cardano price failed to break the trendline resistance, which would have allowed Cardano to break out bullishly to rise to the next Fibonacci resistance around 0.0000333 BTC. Instead, the Cardano price is now moving back towards the support, which is between around 0.000016 BTC and 0.00001935 BTC.


If Cardano breaks this support bearishly, Cardano will only find significant support again between 0.0000096 – 0.00001235 BTC.


In addition, the monthly chart's MACD is clearly bearish, while the RSI is about to reach oversold regions. The RSI is currently giving neither bullish nor bearish signals.


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