Cardano Technical Analysis – Makes a Move on Strong Support 13/03/2018A choppy start to the week saw Cardano’s ADA fall 1.09% to an end of the day $0.21652 against the USD (T) on Monday, partially reversing Sunday’s 9.29% gain.
- Cardano’s ADA slipped just 1.09% on Monday against the U.S Dollar (T), following Sunday’s 9.29% gain.
- A bullish trend remains intact in spite of a sell-off through Saturday.
- Monday’s intraday high $0.2325 broke through the day’s major resistance level of $0.23133 while managing to avoid support levels.
- The day’s intraday low $0.20881 fell back through the day’s 23.6% FIB Retracement Level of $0.2135, finding buyers to avert a pullback through to the 38.2% FIB Retracement Level of $0.2077.
Cardano’s ADA Price Support
A choppy start to the week saw Cardano’s ADA fall 1.09% to an end of the day $0.21652 against the USD (T) on Monday, partially reversing Sunday’s 9.29% gain. The day’s losses were certainly on the lighter side relative to some of Cardano’s peers, supporting the bullish trend that kicked in last Friday, with Cardano’s ADA moving from a Friday Swing Lo $0.183 to Sunday’s Swing Hi $0.2229.
The good news for Cardano’s ADA investors was the fact that major support levels were not tested through the day, with enough investor appetite sitting at the 23.6% FIB Retracement Level to avoid a more material decline, which should place the crypto in good stead through the early part of the week.
At the time of writing, Cardano’s ADA was up 3.15% to $0.2249, more than reversing Monday’s losses, with the bullish trend firmly in place through the early part of this morning.
An early pullback through to the day’s 38.2% FIB Retracement Level of $0.2136, with an intraday low $0.21315 saw buyers jump in, with Cardano’s ADA bouncing back through the days 23.6% FIB Retracement Level of $0.2208 to hit an intraday high $0.225.
For Cardano’s ADA to hold on to current levels and avoid a pullback later in the day, a run at today’s first major resistance level of $0.22974 would support a move through Monday’s Swing Hi $0.2325 through any major moves through the 2nd and 3rd resistance levels may well be on hold as investors look ahead to tomorrow’s cryptocurrency and initial coin offering session in Congress.
A failure to break out to $0.23 levels, would likely see a sell-off at the day’s first major resistance level and with regulatory uncertainty continuing to plague the cryptomarket, buyer appetite at today’s 38.2% FIB Retracement Level will likely be tested and the broader market sentiment will certainly have a hand in whether investors will jump in or sit back for the day’s first major support level of $0.20605 and the 62% FIB Retracement Level of $0.2019 to be tested.
While the early part of the day has been bullish, some of the major cryptos have seen gains reversed in the last hour, though with Bitcoin in positive territory, it’s not panic stations just yet.
Looking at the Technical Indicators
- Major Support Level: $0.20605
- Major Resistance Level: $0.22974
- Fib 23.6% Retracement Level: $0.2208
- Fib 38% Retracement Level: $0.2136
- Fib 62% Retracement Level: $0.2019