Cardano (ADA) recently experienced a bullish trend, pushing its price to the Fibonacci resistance level of around $0.61. However, this level may lead to a bearish rejection despite the overall strong bullish sentiment. Weekly chart analysis indicates a potential correction due to an overbought RSI, aligning with bearish resistance at the .382 Fib level.
Despite this, the medium-term outlook for Cardano remains bullish, supported by a substantial increase in price since October of over 170%. The monthly chart's Moving Average Convergence Divergence (MACD) histogram and the crossing of MACD lines indicate a bullish trend, while the RSI is in neutral territory.
ADA has also surpassed the 50-month Exponential Moving Average (EMA) resistance at around $0.44, now serving as a support level. However, a notable bearish rejection at the .382 Fib resistance level around $0.61 may trigger a corrective phase to the next Fib support levels at approximately $0.484 and $0.38.
In the short to medium-term, the daily chart outlook for ADA remains bullish. If ADA breaks the .382 Fib resistance again, it might ascend towards the golden ratio level of around $0.86, marking significant bullish progression. The 4-hour chart suggests a potential early end to the correction, as Cardano re-approaches the 0.382 Fib resistance, with the MACD histogram trending upwards and the EMAs showing a golden crossover.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.