Key Highlights
- Cardano’s ADA gained 4.63% on Wednesday, reversing a 4.16% fall from Tuesday, to end the day at $0.045222.
- A start of a day intraday low $0.042798 steered well clear of the first major support level at $0.0415.
- A mid-day intraday high $0.046712 saw Cardano’s ADA break through the day’s first major resistance level at $0.045 before hitting reverse.
- The extended bearish trend remained intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125.
Cardano’s ADA Price Resistance
Cardano’s ADA rose by 4.63% on Wednesday, reversing a 4.16% slide from Tuesday, to end the day at $0.045222.
Tracking the broader market, Cardano’s ADA rose from a start of a day intraday low $0.042798 to a mid-day intraday high $0.046712, breaking through the first major resistance level at $0.0450 to come within range of the second major resistance level at $0.0469 before easing back.
Bucking the trend across the broader market through the afternoon, Cardano’s ADA avoided a reversal to hold above the first major resistance level at $0.0450 by the day’s end, with the start of the day intraday low steering well clear of the first major support level at $0.0415.
The extended bearish trend, formed at early May’s swing hi $0.38845, remained intact following last week’s sell-off, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125 following 7th December’s new swing lo $0.02724.
At the time of writing, Cardano’s ADA was up 0.74% to $0.045557, with moves through the early morning seeing rally to an early morning high $0.046966 before falling to a morning low $0.044685. Cardano’s ADA came up against the first major resistance level at $0.0467 before pulling back, while steering clear of the first major support level at $0.0433.
For the day ahead, a hold onto $0.045 levels through to the early afternoon would support a move back through the first major resistance level at $0.0467 to bring $0.47 levels into play before any pullback. Wednesday’s high $0.046172 will likely pin Cardano’s ADA from any breakout to $0.048 levels to leave the second major resistance level at $0.0481 out of play through the day.
Failure to hold onto $0.045 levels through the morning could see Cardano’s ADA give up the morning gains, a fall through the morning low $0.044685 bringing the day’s first major support level at $0.0433 into play. Further declines could be on the cards should sentiment across the broader market deteriorate through the day, with the second major support level at $0.0414 likely to come into play in the event of a broad based crypto sell-off.
Looking at the Technical Indicators
Major Support Level: $0.0433
Major Resistance Level: $0.0467
Fib 23.6% Retracement Level: $0.1125
Fib 38% Retracement Level: $0.1652
Fib 62% Retracement Level: $0.2505