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Cardano Price Prediction: Has ADA Bottomed Yet?

 


Cardano price prediction: ADA continues downtrend

The last Cardano course forecast was almost two weeks ago. At that time we wrote: “Cardano price continues the downtrend and has been falling for the past few days. This puts ADA at the recent low at around $0.43. However, the ADA price could now fall even lower to reach the support zone between USD 0.34 and USD 0.4. Finally, the MACD is clearly bearish on the daily chart. MACD histogram is ticking bearish lower and MACD lines are crossed bearish.”


Cardano price dropped to around $0.415 and bounced higher

The Cardano price fell to around USD 0.415 and then rose to around USD 0.44 to then continue the downward trend. With that, ADA could form a higher bottom now, especially if ADA closes above $0.4239 today. Then there would be a bullish candlestick formation and ADA could target the 50-day EMA around $0.457. If ADA breaks this resistance, the next significant Fib resistance awaits at around USD 0.48.


Overall, however, the ADA price is clearly bearish, as ADA was recently rejected at the 50-day EMA in a bearish manner. Previously, ADA was bearishly rejected at the golden ratio resistance around $0.53.


The MACD is undecided because the MACD lines are on top of each other and the histogram is ticking bullishly higher.

On the 4H chart, the histogram is ticking bullishly higher and the MACD lines are on the verge of a bullish crossover. However, the EMAs' death cross is still intact, keeping the trend bearishly confirmed in the near-term.


In addition, ADA has been rejected at the 50-4H-EMA for the past two weeks, which is acting as resistance around $0.4289.


In the weekly chart, the MACD histogram is ticking bearishly lower

In the weekly chart, the MACD histogram has been ticking bearishly lower for several weeks. However, the MACD lines are still bullishly crossed.


ADA gives bullish and bearish signals. For one, the trend is clearly bearish and ADA is facing key resistance at the 200-week EMA around $0.53. Because that is where the bearish trendline of the entire bear market runs.


A break of this trend line would definitely provide evidence of a bullish trend reversal. On the other hand, Cardano is giving bullish signals, as Cardano is consistently staying above the USD 0.4 mark instead of forming a deeper low.


If ADA falls below the USD 0.4 mark, Cardano will find the next support around USD 0.34.


In the monthly chart, the MACD histogram is ticking bullishly higher

In addition, the histogram of the MACDs in the monthly chart is already ticking bullishly higher, which is also a sign of a bullish trend reversal.


The Cardano course may have bottomed out at around USD 0.4. Because over the last six months, the ADA course has remained consistently above this price level, which indicates a bottom formation.


On the other hand, if Cardano breaks the bearish support between USD 0.34 and USD 0.4, significant support will only wait for Cardano again between USD 0.139 and USD 0.155.


The Cardano course is now finding support against BTC

Against BTC, the MACD histogram has been ticking bearishly lower for a few weeks and the MACD lines could also soon cross bearishly.


The 50-week EMA has acted as a significant resistance for the past few weeks, which is still serving as resistance at around 0.0000244 BTC. Two weeks ago, Cardano received a bearish rejection from it, with Cardano now sitting at the 0.382 Fib support around 0.00002217 BTC. Cardano also finds significant support at around 0.00002086 BTC and 0.00001913 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 taken by the reader based on the information found on our website is entirely at their own risk.

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