The Cardano (ADA) price has been on a downward trajectory since reaching an all-time high of $3.160 on August 30th. After failing to move above the long-term resistance area at an average price of $0.400, the price has been steadily decreasing and reached a low of $0.239 in December.
The weekly Relative Strength Index (RSI) is currently increasing but is still below the 50 mark, meaning more is needed to determine the future price action. The short-term technical analysis from the 12-hour chart provides a more bearish outlook. The price broke down from an ascending support line and validated it as resistance afterward. Additionally, it fell below the $0.405 resistance area and is currently trading above the $0.35 horizontal and Fibonacci support level.
If the ADA price breaks down from this level, it could fall to the 0.618 Fibonacci level at $0.307. Therefore, the Cardano price forecast is considered bearish until the ADA price moves above the long- and short-term resistance at $0.405. The RSI is slightly below 50, thus also leaning on a bearish trend.
The wave count can help determine the direction of the future movement. There are currently two possibilities: a bearish one which suggests that the price is in wave four of a five-wave downward movement, and a bullish one which suggests the price has just completed an A-B-C correction. The bullish count would be confirmed by an increase above $0.385, while the bearish one would be confirmed by a drop below $0.345.
Overall, the most likely Cardano price forecast is a decrease towards $0.307. However, an increase above $0.385 would invalidate this bearish analysis and could lead to a retest of the $0.405 resistance.
The Cardano (ADA) price has been on a downward trajectory since August 30th, when it reached an all-time high of $3.160. After failing to move above the long-term resistance area at an average price of $0.400, the price has been steadily decreasing and reached a low of $0.239 in December. The weekly Relative Strength Index (RSI) is currently increasing but is still below the 50 mark, meaning more is needed to determine the future price action.
The short-term technical analysis from the 12-hour chart provides a more bearish outlook. The price broke down from an ascending support line and validated it as resistance afterward. Additionally, it fell below the $0.405 resistance area and is currently trading above the $0.35 horizontal and Fibonacci support level. If the ADA price breaks down from this level, it could fall to the 0.618 Fibonacci level at $0.307. Therefore, the Cardano price forecast is considered bearish until the ADA price moves above the long- and short-term resistance at $0.405. The RSI is slightly below 50, thus also leaning on a bearish trend.
The wave count can help determine the direction of the future movement. There are currently two possibilities: a bearish one which suggests that the price is in wave four of a five-wave downward movement, and a bullish one which suggests the price has just completed an A-B-C correction. The bullish count would be confirmed by an increase above $0.385, while the bearish one would be confirmed by a drop below $0.345.
In conclusion, the most likely Cardano price forecast is a decrease towards $0.307. However, an increase above $0.385 would invalidate this bearish analysis and could lead to a retest of the $0.405 resistance. This highlights the importance of the $0.385 resistance level, as it could be the deciding factor in determining the future trend of the Cardano price.
Overall, the Cardano (ADA) price has been on a downward trajectory since August 30th, when it reached an all-time high of $3.160. After failing to move above the long-term resistance area at an average price of $0.400, the price has been steadily decreasing and reached a low of $0.239 in December. The weekly Relative Strength Index (RSI) is currently increasing but is still below the 50 mark, meaning more is needed to determine the future price action.
The short-term technical analysis from the 12-hour chart provides a more bearish outlook. The price broke down from an ascending support line and validated it as resistance afterward. Additionally, it fell below the $0.405 resistance area and is currently trading above the $0.35 horizontal and Fibonacci support level. If the ADA price breaks down from this level, it could fall to the 0.618 Fibonacci level at $0.307. Therefore, the Cardano price forecast is considered bearish until the ADA price moves above the long- and short-term resistance at $0.405. The RSI is slightly below 50, thus also leaning on a bearish trend.
The wave count can help determine the direction of the future movement. There are currently two possibilities: a bearish one which suggests that the price is in wave four of a five-wave downward movement, and a bullish one which suggests the price has just completed an A-B-C correction. The bullish count would be confirmed by an increase above $0.385, while the bearish one would be confirmed by a drop below $0.345.
In conclusion, the most likely Cardano price forecast is a decrease towards $0.307. However, an increase above $0.385 would invalidate this bearish analysis and could lead to a retest of the $0.405 resistance. This highlights the importance of the $0.385 resistance level, as it could be the deciding factor in determining the future trend of the Cardano price.
The current market conditions and technical analysis suggest that the Cardano (ADA) price is likely to decrease towards $0.307. However, an increase above $0.385 could lead to a retest of the $0.405 resistance. Traders and investors should keep an eye on this level and be aware of the potential for a significant price movement.
The Cardano price is currently in a precarious position and the future trend could go either way. As such, it is important for traders and investors to stay up to date with the latest news and developments in the Cardano market, as this could be the deciding factor in the future trend. Additionally, traders and investors should be aware of the potential for a significant price movement and be prepared for either a bullish or bearish trend.
