Cardano’s (ADA) current price is undergoing a significant correction. It is currently encountering significant resistance, which could lead to a price bounce.
Cardano’s price is expected to rise again in the near future. Will the Cardano price continue to fall?
Cardano Price Fall: 31% in the last month
Cardano had a major obstacle to overcome last month when it came to breaking through the golden ratio at around $0.86. The cryptocurrency then entered a correction phase that appears to continue into this month.
The price of the product has decreased as a consequence. Overall, the company experienced a 31% decline. The monthly chart reflects this downward trend, and the Moving Average Convergence Divergence Histogram (MACD), which shows a bearish tendency.
![Price of ADA/USDT](https://s32698.pcdn.co/wp-content/uploads/2024/04/ADAUSDT_2024-04-11_12-11-30_b69a3-850x432.png)
The MACD lines are still visible. maintain a bullish crossoverThe Relative Strength Index (RSI) Currently, the market is neutral. Cardano will find significant support at $0.46 in the case of a major correction. The 50-month Exponential moving average (EMA) is a key factor.
Click Here to Read More Cardano: How to Buy and All You Need to Know
Continued correction for Cardano price?
One possible scenario is a rebound bullish from the Fib level of support at around $0.584. If this happens, Cardano may rise towards the golden ratio of $0.72.
Only when the corrective trajectory is nullified would it be considered valid. The golden ratio Cardano can now target the Golden Ratio of $0.86.
If there is a rejection, the ADA could retreat back to the golden support of approximately $0.44 if a negative reaction occurs. The MACD lines on the weekly chart recently crossed over into bearish territory.
![Cardano Price Chart](https://s32698.pcdn.co/wp-content/uploads/2024/04/ADAUSDT_2024-04-11_12-14-07_4b2da-850x432.png)
The MACD Histogram also shows a trend downward and the RSI Hovering in neutral territory. The EMAs, on the other hand, continue to show a golden cross-over, confirming the bullish medium term trend.
Short-Term Upward Shift for Cardano Price?
Cardano could surge 22% if it manages to start a rebound bullish from the 0.38 Fib level support at $0.584. This would put the coin at the Golden Ratio resistance of $0.72.
The 50-day EMA is a significant resistance level at approximately $0.624 and cannot be ignored. Despite the current indicators, it is important to note that they are still a support level. Sending predominantly bullish messages.
In the daily chart, there is still a gold crossover. The MACD histogram also shows bullish momentum in the last few days. There is therefore a chance that MACD will soon be crossing bullishly.
![Chart](https://s32698.pcdn.co/wp-content/uploads/2024/04/ADAUSDT_2024-04-11_12-14-30_456fc-850x432.png)
The RSI, on the other hand, is neutral, indicating a small bullish divergence.
Death Cross on Cardano 4-Hour Chart: A Bearish Significance
The 4-hour chart shows the emergence of a cross between the EMAs that solidifies this. Trend as Bearish on the Short Term. The MACD crossover lines are also bearish, which further confirms this feeling.
![Cardano Price Chart](https://s32698.pcdn.co/wp-content/uploads/2024/04/ADAUSDT_2024-04-11_12-15-50_a0f2a-850x432.png)
Although a small bullish divergence can be seen in the RSI it is still in neutral territory.
Click Here to Read More Cardano (ADA) Price Prediction 2024/2025/2030
Cardano vs. Bitcoin: ADA Breaks Crucial Golden Ratio at 0.00011 BTC
Cardano currently finds horizontal support between 0.0000083 BTC and 0.0000097 BTC. The MACD histogram, however, has shown a downward trend in the last few months, indicating a possible bearish crossover between the MACD lines.
![Price Chart for ADA/BTC](https://s32698.pcdn.co/wp-content/uploads/2024/04/ADABTC_2024-04-11_12-16-03_3500e-850x432.png)
Despite this neutral stance, Cardano could still rebound strongly from the support level. If the support fails, then the next important level of support will be between 0.000004 BTC to 0.000005 BTC.
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