Cardano’s ADA Technical Analysis – Bulls Eye $0.045 – 28/11/18

Cardano’s ADA is on the move early, with a break through major resistance levels giving the bulls an early run. Holding onto $0.039 is key.
Bob Mason

Key Highlights

  • Cardano’s ADA rose by 1.23% on Tuesday, partially reversing a 4.64% fall on Monday, to end the day at $0.037.
  • A bearish start to the day saw Cardano’s ADA fall to an intraday low $0.03412 before recovering, the day’s first major support level at $0.0312 left untested.
  • An afternoon recovery saw Cardano’s ADA move through to an intraday high $0.03797, falling short of the first major resistance level at $0.0411.
  • The extended bearish trend was reaffirmed with Sunday’s new swing lo $0.03307, with Cardano’s ADA also continuing to fall well short of the 23.6% FIB Retracement Level of $0.1169.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA gained 1.23% on Tuesday, partially reversing a 4.64% slide on Monday, to end the day at $0.037.

A bearish start to the day saw Cardano’s ADA ease back from a morning high $0.03702 to a late morning intraday low $0.03412 before finding support from a broad based cryptomarket recovery, the major support levels left untested on the day.

An afternoon recovery saw Cardano’s ADA move through to a late in the day intraday high $0.037971 before easing back, Cardano’s ADA falling short of $0.04 levels and the day’s first major resistance level at $0.0411.

While the day’s gain reduced the deficit for the week, the extended bearish trend, formed at early May’s swing hi $0.38845 remained firmly intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1169 following Sunday’s new swing lo $0.03307.

At the time of writing, Cardano’s ADA was up 5.89% to $0.039181, moves through the early morning seeing Cardano’s ADA rally from a start of a day morning low $0.038118 to a morning high $0.040515 before easing back, the morning rally seeing Cardano’s ADA break through the first major resistance level at $0.0386 and second major resistance level at $0.0402 before pulling back to sub $0.040 levels.

For the day ahead, a move back through to $0.040 levels would support a run at the day’s third major resistance level at $0.0441 before any pullback, with the bulls likely to be eyeing a late run at $0.045 levels, key through the afternoon being a hold onto $0.039 levels.

Failure to hold onto $0.039 levels through the early afternoon could see Cardano’s ADA ease back through the morning low $0.038118 to bring $0.037 levels into play, while we would expect Cardano’s ADA to steer clear of sub-$0.037 levels and the day’s first major support level at $0.0348 barring particularly negative news hitting the wires.

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Looking at the Technical Indicators

Major Support Level: $0.0348

Major Resistance Level: $0.0386

Fib 23.6% Retracement Level: $0.1169

Fib 38% Retracement Level: $0.1688

Fib 62% Retracement Level: $0.2527

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