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.
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.
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
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.