- August 21, 2022
Cardano Price Forecast: Will ADA return to $ 0.4 again?
The Cardano price could now return to the last local low at around $ 0.4 again. But could the ADA price also fall even lower?
Cardano course was rejected at the Golden Ratio resistance
The Cardano price reached the price target of the Golden Ratio at around 0.58 USD, however, this was strongly rejected and even broke through the 50-day EMA support at around $ 0.514. In addition, the histogram of the MACD ticks bearishly lower in the daily chart and the MACD lines are also crossed bearishly. The RSI is neutral.
With this, Cardano also broke through both Fibonacci supports at around $ 0.52 and $ 0.47, and currently the ADA rate finds horizontal support at around $ 0.45. 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.
Is the Cardano price bottoming out at around 0.4 USD?
Now the histogram of the MACD in the weekly chart is also starting to tick bearishly lower. However, the MACD lines are still crossed bullish and the RSI is neutral. 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.
If the ADA price can bounce a third time at the $ 0.4 mark, there is still a chance that Cardano will make another attempt to break the Golden Ratio at around $ 0.58.
Cardano price could fall even lower
Otherwise, the ADA price could fall to around $ 0.34, because there it will find the next significant support. If Cardano also breaks this support, significant support will wait for Cardano again between $0.139 and $0.155.
In the monthly chart, the MACD lines are also still bearishly crossed, but the histogram is starting to tick bullish higher this month. Should it close bullish, this would be a first indication of a bullish trend reversal. However, if Cardano now falls to $ 0.4 or even lower, the histogram will most likely close bearishly.
Against BTC, Cardano was rejected bearishly at the 0.382 Fib resistance
Against BTC, the ADA price was rejected bearishly at the 0.382 Fib resistance at around 0.000024 BTC and then finds significant support at around 0.000021 BTC. If the ADA price breaks this support, Cardano could return to the 50-month EMA at around 0.0000195 BTC again. In addition, ADA is supported by Golden Ratio.
Otherwise, between 0.00001225 and 0.000016 BTC significant support is waiting for the ADA price. In addition, the MACD’s histogram is still ticking bullish higher, while the MACD lines remain bearishly crossed and the RSI is neutral.
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