LIVEđ„ BeinCrypto Analytics: $ADA Faces 30% Price Cut
A conceivable scenario for the ADA price entails a bullish rebound from the current Fib support level at approximately $0.584. Cardano could ascend toward the golden ratio at around $0.72 if this materializes.
The corrective trajectory would be nullified only upon breaching the golden ratio at approximately $0.72, paving the way for Cardano to target the golden ratio at around $0.86.
However, the ADA price might retreat to the golden ratio support at approximately $0.44 if a bearish rejection. Notably, the MACD lines in the weekly chart have recently crossed into bearish territory.
Moreover, the MACD histogram exhibits a downward trend and the RSI hovers in neutral territory. Conversely, the EMAs continue to display a golden crossover, affirming the bullish trend in the medium term.
If Cardano manages to initiate a bullish rebound from the 0.382 Fib support level at approximately $0.584, it could potentially surge by approximately 22% to confront the golden ratio resistance at around $0.72.
However, the presence of the 50-day EMA as resistance at roughly $0.624 cannot be overlooked. Notwithstanding, the indicators currently convey predominantly bullish signals.
The daily chart still portrays a golden crossover, while the MACD histogram has displayed bullish momentum over the past few days. Consequently, there is a possibility that the MACD lines might soon cross bullishly.
