Cardano Price Forecast: ADA faces rejection around the key resistance level
Cardano price was rejected at the 38.2% Fibonacci retracement level at $0.29 (drawn from the January 14 high of $0.42 to the February 6 low at $0.22) on Sunday, and it declined 4.47% that day. ADA has been hovering around the $0.28 level for the past two days and, as of Wednesday, remains there.
If ADA faces a correction, it could extend the losses to retest its weekly resistance at $0.24.
The Relative Strength Index (RSI) reads 44, below the neutral level of 50, indicating bearish momentum gaining traction. However, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on February 13, which remains in place, suggesting that upside bias has not been invalidated yet.
Cardano price was rejected at the 38.2% Fibonacci retracement level at $0.29 (drawn from the January 14 high of $0.42 to the February 6 low at $0.22) on Sunday, and it declined 4.47% that day. ADA has been hovering around the $0.28 level for the past two days and, as of Wednesday, remains there.
If ADA faces a correction, it could extend the losses to retest its weekly resistance at $0.24.
The Relative Strength Index (RSI) reads 44, below the neutral level of 50, indicating bearish momentum gaining traction. However, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on February 13, which remains in place, suggesting that upside bias has not been invalidated yet.
