![Cardano-Price-Prediction-Projecting-ADAs-Continued-Descent.jpg Cardano (ADA) Price Forecast: More Declines Ahead in February?](https://cryptotoptrends.com/wp-content/uploads/2024/02/Cardano-Price-Prediction-Projecting-ADAs-Continued-Descent-678x381.jpg)
Cardano (ADA) is currently experiencing a significant corrective phase, and it’s unclear whether this movement has reached its conclusion.
The future direction of ADA’s price – whether it will continue to decline or rebound bullishly to resume its uptrend, depends on a variety of factors. These include market sentiment, broader cryptocurrency market trends, and developments specific to the Cardano ecosystem.
Cardano Price Faces Potential 12-20% Drop
Cardano has been undergoing a corrective movement for several weeks, characterized by a parallel downward channel. Despite a recent upswing last week, ADA was unable to break through the Golden Ratio resistance at approximately $0.555, indicating that the corrective trend persists.
This ongoing correction could potentially lead to a further decline in ADA’s price, ranging from 12 to 20%, targeting the 200-day Exponential Moving Average (EMA) support near $0.425. Alternatively, the next significant Fibonacci support level is around $0.39.
Predict the Future Price: Cardano (ADA) Price Prediction 2024/2025/2030
The daily chart presents a mixed outlook with the presence of a golden crossover in the EMAs, suggesting a bullish trend in the short to medium term. In contrast, the Moving Average Convergence Divergence (MACD) lines are nearing a bearish crossover, with the MACD histogram showing a bearish trend for several days.
![ADA Chart Analysis BeInCrypto](https://s32698.pcdn.co/wp-content/uploads/2024/02/ADAUSDT_2024-02-07_11-19-13_07d50-850x556.png)
The Relative Strength Index (RSI) remains neutral, not signaling a clear direction. However, if the downward movement persists, the RSI may soon enter oversold territory, potentially indicating an upcoming reversal or stabilization in ADA’s price.
Cardano Price Supported by Golden Ratio Level
In the 4-hour (4H) chart for ADA, the technical indicators are signaling bearishness. A death cross has occurred among the Exponential Moving Averages (EMAs), where a shorter-term EMA has crossed below a longer-term EMA, solidifying the short-term bearish trend.
Additionally, the MACD histogram is trending downwards, and the MACD lines are in a bearish crossover, further confirming the negative sentiment. The RSI is also approaching oversold territory, which could indicate a potential for a reversal or pause in the downward trend.
![ADA Chart Analysis BeInCrypto](https://s32698.pcdn.co/wp-content/uploads/2024/02/ADAUSDT_2024-02-07_11-20-13_a8328-850x556.png)
Despite these bearish indicators, Cardano has reached the Golden Ratio support level at approximately $0.48. This crucial support could serve as a pivot point for ADA, potentially leading to a bullish bounce back towards the Golden Ratio resistance level at around $0.555.
Cardano Price Bounces Off 200-Week EMA
Two weeks ago, ADA found support at the 200-week EMA near $0.448, but has since resumed a downward trend.
In the weekly chart, the MACD lines are nearing a bearish crossover, and the MACD histogram indicates a declining trend, underscoring the bearish sentiment.
![ADA Chart Analysis BeInCrypto](https://s32698.pcdn.co/wp-content/uploads/2024/02/ADAUSDT_2024-02-07_11-20-42_ea86a-850x556.png)
Despite this, the presence of a death cross in the EMAs confirms a bearish trend in the medium term. However, the bullish momentum that started at the beginning of the year is still considered active as long as ADA maintains above the golden ratio support at approximately $0.39.
Read More: How To Buy Cardano (ADA) and Everything You Need To Know
Additionally, the 50-week EMA is providing further support around $0.418, potentially offering a buffer against further declines and a base for potential rebounds.
ADA Price Suffers 30% Decline Over Past Month
Cardano experienced a significant downturn in January, with the price dropping by approximately 30%. Despite this bearish trend, the outlook for ADA this month continues to be bearish.
However, on the monthly chart, the MACD indicators still present a bullish perspective. The MACD histogram is trending upwards, indicating bullish momentum, and the MACD lines are in a bullish crossover position. Meanwhile, the RSI remains in a neutral state, not signaling overbought or oversold conditions.
![ADA Chart Analysis BeInCrypto](https://s32698.pcdn.co/wp-content/uploads/2024/02/ADAUSDT_2024-02-07_11-20-56_1fe87-850x556.png)
This juxtaposition of a recent bearish trend with bullish MACD indicators on the monthly chart suggests a complex market sentiment for ADA, where underlying bullish signals persist despite short-term bearish movements.
ADA Reaches Golden Ratio Against Bitcoin
In its trading against Bitcoin (BTC), ADA has returned to the golden ratio support level, around 0.000011 BTC. The potential for a bullish bounce from this level within the current month remains uncertain.
Should Cardano break below this support level in a bearish manner, the next significant support range for ADA is expected to be between approximately 0.0000083 BTC and 0.0000087 BTC.
![ADA Chart Analysis BeInCrypto](https://s32698.pcdn.co/wp-content/uploads/2024/02/ADABTC_2024-02-07_11-21-22_1f845-850x556.png)
On a more positive note, the MACD indicators on the monthly chart are showing bullish signs. The MACD histogram is trending upwards, indicating increasing bullish momentum, and the MACD lines are nearing a bullish crossover.
Read More: How To Stake Cardano (ADA)
This bullish development in the MACD suggests underlying positive momentum for ADA against BTC, despite the immediate pressure at the golden ratio support level.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Leave a Reply