Cardano ADA price analysis: Bullish bounce off key support

Cardano ADA price analysis: Bullish bounce off key support

According to a report by de.beincrypto.com, the Cardano price bounced bullishly off the 200-week EMA support. The question is whether the ADA price will now go up again. The analysis shows that Cardano has bullishly bounced off the 200-week EMA at around $0.447 on the weekly chart. Nevertheless, the MACD lines are on the verge of a bearish crossover, the MACD histogram has been ticking bearishly lower for five weeks and the RSI is moving in neutral territory. If the 200-week EMA fails to hold support, Cardano will find the next significant Fib support at the Golden Ratio at around $0.40.

In the daily chart, Cardano is facing significant resistance between $0.5 and $0.514, which could slow the uptrend for the time being. Additionally, Cardano was able to bounce off golden ratio support against Bitcoin, but may soon return to support if the MACD histogram confirms a bearish trend on the weekly chart.

In my financial expert view of the situation, the Cardano price could initially be struggling to reach new highs due to the strong resistance levels and the mixed indicators in the 4H chart and the daily chart. If the 200-week EMA holds support, Cardano could again target the 0.382 Fib resistance at around $0.612 in the medium term. However, the short-term trend remains uncertain and requires close monitoring of technical indicators and chart patterns.