The Cardano price was rejected bearishly this week, which means that the Cardano price is now continuing the downward trend again.
Cardano price was rejected bearishly at the 0.382 Fib level
Cardano Price Chart by Tradingview
After the Cardano price fell back to the bottom of the Corn yesterday and found support at the $ 0.4 mark, the Cardano price rose to the 0.382 Fib level at around $ 0.438, whereupon Cardano was rejected bearishly today. With this, Cardano could now move to the $ 0.4 mark again, because significant support is waiting for Cardano between $ 0.388 – $ 0.4.
In addition, the MACD’s histogram is ticking bearishly lower and the MACD lines are also crossed bearishly, while the RSI is neutral.
Weekly chart gives little bullish hope
Cardano Price Chart by Tradingview
Also in the weekly chart it does not look bullish for the ADA price. However, the RSI still has a small chance of a bullish divergence here, while the MACD lines could cross bullish. In addition, the histogram has been ticking bullish higher for several weeks.
Cardano encounters significant support at the latest between 0.34 – 0.4 USD and should Cardano hold above the 0.4 USD mark, significant Fib resistances are already waiting for the ADA price at around 0.73 USD and 0.93 USD.
What does the Cardano price have to do to become bullish again?
Cardano Price Chart by Tradingview
For Cardano’s trend to become bullish again, Cardano would have to rise around 420%, breaking the Golden Ratio bullish at around $2.1. Because without the break of this important Fib level, the trend remains clearly bearish.
In addition, the MACD is clearly bearish in the monthly chart, because the histogram ticks bearishly lower and the MACD lines are crossed bearishly. The RSI, on the other hand, gives neither bullish nor bearish signals.
Overall, the Cardano price is still strongly bearish in the short to medium term. Nevertheless, there is still a chance that Cardano will find a bottom between $ 0.34 – $ 0.4. However, if this support is broken, Cardano will only find significant support again between $ 0.14 – $ 0.155.
Cardano price is rejected against BTC at Fib resistance
Cardano Price Chart by Tradingview
Against BTC, the ADA price was rejected at the 0.382 Fib resistance at around 0.000024 BTC, which means that the ADA price is now back at the 0.382 Fib support at around 0.000021 BTC. If Cardano breaks this bearish, the next Fib support is waiting for ADA at around 0.0000185 BTC. In addition, Cardano encounters the 50-month EMA at around 0.0000195 BTC, which also serves as support.
Otherwise, Cardano finds significant support between around 0.00001225 and 0.000016 BTC. In addition, the RSI is neutral, while the MACD lines are bearishly crossed. However, the MACD’s histogram has been ticking bullish higher since last week.
