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Cardano price forecast: ADA bounces extremely bullish!

 


The Cardano price followed our last price forecast and fell to around USD 0.46. However, the ADA course rebounded extremely bullishly.


Cardano Price Prediction: Bearish Divergence in the RSI

Four days ago we wrote in the last Cardano price forecast : “ A golden crossover has now established itself in the 4H chart, negating the death cross and confirming the trend bullishly in the short term. However, the 4H chart shows a bearish divergence in the RSI and the histogram of the MACDs is also ticking bearishly lower. In the short term, the Cardano course could correct to around USD 0.486 or even USD 0.461. There, Cardano encounters significant Fibonacci supports.”


The Cardano price bounces off the Golden Ratio at around USD 0.46

The Cardano course was bearishly rejected at the golden ratio resistance at around USD 0.53 and then returned to the golden ratio correction target at around USD 0.46, from which the ADA course was able to bounce off very strongly. Cardano is currently at the 50-day EMA resistance at around USD 0.49.


Additionally, the MACD histogram has been ticking bearishly lower for a few days. However, the MACD lines are still bullishly crossed and the RSI is neutral.


Is a death cross establishing itself on the 4H chart?

In the 4H chart, a golden crossover was established in the 4H chart only recently, which confirms the trend as bullish in the short term. However, the EMAs are currently very close and could establish a death cross in the course of this, which would confirm the trend bearish again in the short term.


However, the histogram of the MACDs in the 4H chart is ticking bullishly higher and the ADA price has so far been able to bounce off the golden ratio support at around USD 0.46 in an extremely bullish manner. If Cardano breaks the golden ratio resistance at around USD 0.5, the correction is over.


Then Cardano could make another attempt to break the golden ratio resistance around USD 0.53.


The weekly chart shows the strong bounce off the golden ratio support

The weekly chart clearly shows how strongly the ADA price bounced off the golden ratio support at around USD 0.46. Because half of the downward movement has already been made good.


However, the weekly chart's MACD histogram starts ticking bearishly lower this week after ticking bullishly higher for the past two weeks. However, the MACD lines are still bullishly crossed and the RSI is neutral.


Cardano price is facing significant resistance at the 50-month EMA around $0.51

T he Cardano price failed to close above the 50-month EMA at around $0.51 for the past two months. If Cardano fails again this month, Cardano could move back to support between $0.34 and $0.4.


On a break of the 50-month EMA and the golden ratio around $0.53, Cardano could rally to the 0.382 Fib resistance around $0.72.


Additionally, the MACD histogram is starting to tick bullishly higher this month. If it closes bullishly higher this month, it could mark the start of a bullish trend reversal.


Against BTC, the Cardano price is at Fibonacci resistance

The ADA course has also corrected strongly against BTC in the last few days, but was able to bounce off the 0.382 Fib support at around 0.0000217 BTC. With that, Cardano is now facing significant Fib resistance at around 0.000024 BTC.


Otherwise, Cardano will find significant support at around 0.0000191 BTC at the latest, while significant resistance awaits at the 0.00003 BTC mark.


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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