Cardano (ADA) has experienced a significant downturn, with a 26% decline in price over the last week, leading to uncertainty about its future trajectory. Despite this bearish trend, there are indications of a potential bullish bounce at the 0.382 Fibonacci support level, around $0.5. However, contrasting indicators present a complex scenario for ADA. While the Moving Average Convergence Divergence (MACD) histogram trends bearishly, the MACD lines remain bullish, and the Relative Strength Index (RSI) is overbought on the weekly chart. If the $0.5 support level fails, the next key Fibonacci support is projected around $0.39, with the 50-week Exponential Moving Average (EMA) potentially providing additional support. The Exponential Moving Averages display a golden crossover, suggesting a bullish trend in the short to medium term. However, the 4-hour (4H) chart shows Cardano's price at a crucial 200-4H EMA support level, with the MACD histogram indicating a potential bullish crossover, but the overall price trajectory continues to be downward. This mix of indicators suggests potential for continued bearish movement in the immediate term, but an underlying short-term trend leaning towards bullish
