- August 29, 2022
Cardano Price Forecast: Bullish divergence in the RSI
The Cardano course draws a bullish divergence in the daily and 4H chart and could accordingly 0.49 USD and 0.53 USD respectively.
In the last Cardano course forecast we wrote“ “The ADA price must overcome the Fibonacci resistances at around $ 0.5 and $ 0.54 for the correction to end. Otherwise, Cardano could return to the $ 0.4 mark again. […] Nevertheless, the bearish rejection of the golden Ratio with the sharp price drop is very bearish and points to even deeper lows, because this confirms the bear trend.“
The Cardano price fell to $ 0.424, thus not yet reaching the support zone between $ 0.34 and $ 0.4. However, if Cardano continues its downward trend, Cardano finds between $0.34 and $0.4 significant support.
Otherwise, Cardano now has to overcome the Golden Ratio resistance at around $ 0.53 to end the correction phase. However, significant Fibonacci resistance is already waiting for the ADA price at around $ 0.49.
While the MACD lines are still bearishly crossed, the RSI in the daily chart a small bullish divergence on. In addition, the histogram of the MACD has been ticking bullish higher in the daily chart for several days. In the short term, the Cardano price could now rise to around 0.49 USD or 0.53 USD.
The 4H chart also shows a bullish divergence in the RSI
Also in the 4H chart, the RSI has a bullish divergence. However, the 50-4H EMA is already acting as a significant resistance at around $ 0.457.
Furthermore, the histogram of the MACD ticks bullish higher and the MACD lines are crossed bullish. In contrast to these bullish signals, the EMAs established a death cross, which confirms the trend in the short term.
MACD’s Weekly Histogram starts to weaken
In the weekly chart, the bearish rejection at the Golden Ratio resistance at around $0.58 significantly. Thus, the Confirmed bearish trendt and Cardano could actually form an even deeper bottom in the medium term to fall to around $0.34.
In addition, the MACD’s histogram has been ticking bearishly lower for two weeks now and could also close bearishly lower-ticking this week. The MACD lines are still crossed bullish and the RSI is neutral.
Monthly chart continues to be bearish
In the monthly chart, the MACD is still clearly bearish, because the histogram of the MACD is ticking bearishly lower and the MACD lines are crossed bearishly. The RSI is also neutral here.
However, it is noteworthy that Cardano now seems to be above the $ 0.4 price level for the fourth month in a row. Nevertheless, Cardano may soon return to support between $ 0.34 and $ 0.4 again.
If this support does not hold, but is broken bearishly, significant support is only waiting for the ADA price again between $ 0.139 and $ 0.155.
Against BTC, the Cardano price was rejected a second time at the Fib resistance
Against BTC, the Cardano price was rejected again the week before last at the 0.382 Fib level at around 0.000024 BTC. As a result, Cardano returned to 200-week EMA support at around 0.0000207 BTC.
There, Cardano was able to bounce off and Cardano could move sideways in this area for the next few weeks to once again reach the 0.382 Fib resistance at around 0.000024 BTC. If Cardano breaks this resistance, significant resistance awaits the ADA price at the 50-week EMA at around 0.00002465 BTC.
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