Summary
TLDR: Cardano (ADA) price is currently in a strong correction, facing support around $0.584. Possible scenarios include a bounce towards $0.72 or a drop to $0.44. Short-term indicators show potential for a bullish rebound, but a death cross on the 4-hour chart suggests a bearish trend. Against Bitcoin, ADA is at crucial support levels with a potential for a bullish rebound. This article is for informational purposes only and not financial advice.
Key Points
1. The Cardano (ADA) price is undergoing a strong correction but is currently finding significant support levels that could lead to a potential bounce back in price.
2. Cardano has experienced a 31% price drop over the last month, with the cryptocurrency struggling to surpass key resistance levels. The MACD histogram shows a bearish trend, but the MACD lines maintain a bullish crossover, indicating potential support around $0.46.
3. Despite the possibility of a bullish rebound from the current Fib support level at $0.584, Cardano faces challenges in breaching resistance levels. The presence of the 50-day EMA as resistance at $0.624 and the emergence of a death cross on the 4-hour chart suggest a bearish trend in the short term.