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Cardano price breaks bullish amid bear market

 


Despite the fact that the crypto market is in a bear market, the Cardano price is holding above the recent bottom and breaking out in a bullish way.


Cardano remains above bottom at around $0.4

Despite the fact that Ethereum , Bitcoin and the total crypto market cap fell one floor, Cardano price still remains above the last support around USD 0.4. In fact, the daily chart even shows a slight bullish divergence on the RSI.


The ADA course has already reacted to this, because Cardano has risen by around 25% in the last two days. Previously, Cardano was rejected twice at the 50-day EMA around $0.62, which is still a target to break if Cardano wants any chance of a bullish trend reversal.


In contrast to the bullish RSI, the MACD remains bearish as the histogram is ticking bearish lower and the MACD lines are bearish crossovers.


Bullish signal: massive bullish divergence on the weekly chart

The histogram of the MACD shows a massive bullish divergence on the weekly chart. If Cardano holds above the recent low around $0.4, it could soon rise towards the horizontal resistance around $0.74.


However, Cardano only encounters the decisive Fibonacci resistance at around USD 1.4 and USD 2.2. Without breaking the golden ratio at around USD 2.2, the Cardano price remains in the bear trend.


Cardano course finds support between USD 0.34 – 0.4

Cardano does not necessarily have to drop low if the ADA price falls below the last low at around USD 0.4. Finally, significant support awaits the ADA course between USD 0.34 – 0.4.


Only if Cardano bearishly breaks this support, Cardano could drop to around USD 0.14 – 0.16. There, Cardano encounters the next significant support.


If Cardano also breaks this bearish support, significant support awaits Cardano between USD 0.09 and USD 0.1 at the latest.


Cardano price breaks bullish against BTC

Against BTC, Cardano has now broken the trendline that had connected the highs since August 2021. This means that Cardano can now rise to the 0.382 Fib level at around 0.0000333 BTC. That implies upside potential of around 42%.


If Cardano breaks this resistance, it could even rise to the golden ratio at around 0.0000445 BTC. If Cardano overcomes the golden ratio, the Cardano price against BTC is again in the bull trend.


However, the MACD lines are still bearishly crossed in the monthly chart, but the histogram is ticking bullishly higher this month. Significant support is already waiting for the ADA course between 0.000016 – 0.0000194 BTC. So far, the 50-month EMA has successfully held around 0.0000194 BTC, which is also a bullish sign.


Cardano is currently much more bullish than Bitcoin .


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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