Key Highlights
- Cardano’s ADA slid 4.3% on Monday, reversing Sunday’s 3.9% gain, to end the day at $0.26503.
- A morning intraday low $0.25034 saw Cardano’s ADA pullback through the 23.6% FIB Retracement Level of $0.2697 and the first major support level at $0.2607, within an intraday low $0.25034.
- An afternoon rally saw Cardano’s ADA hit an intraday high $0.278, breaking back through the 23.6% FIB Retracement Level of $0.2697, while falling short of the day’s first major resistance level at $0.2882.
Cardano’s ADA Price Support
Cardano’s ADA fell by 4.31% on Monday, reversing Sunday’s 3.9% gain, to end the day at $0.26503.
Negative sentiment across the broader market, attributed to news of South Korea’s FSC joining the ongoing probe into the crypto exchanges, weighed early on in the day. Cardano’s ADA pulled back through the 23.6% FIB Retracement Level of $0.2697 and the day’s first major support level at $0.2607 to an intraday low $0.25034 before support kicked in.
A rally through the middle of the day, driven by a shift in sentiment, saw Cardano’s ADA break back through the 23.6% FIB Retracement Level of $0.2697 to hit an intraday high 0.278 before easing back to the day’s end $0.26503.
While the day’s front runners tested major resistance levels on the day, Cardano’s ADA coughed up the day’s gains late in the day, pulling back through the 23.6% FIB Retracement Level before the day’s end, to leave Cardano’s ADA in the red on the day.
At the time of writing, Cardano’s ADA was up 2.75% to $0.27456, recovering from an early fall to a morning low $0.2633, with improved sentiment across the broader market easing selling pressure through the early part of the day.
An intraday high $0.27573, struck in the last hour, saw Cardano’s ADA break back through the 23.6% FIB Retracement Level to come within reach of the day’s first major resistance level at $0.2786, with a hold at $0.27 levels supporting a bullish run through the day.
For the day ahead, a move through to $0.28 levels would support a run at the day’s second major resistance level at $0.2921 and 38.2% FIB Retracement Level of $0.2924, with any break out through to $0.30 levels supporting a reversal to the near-term bearish trend formed at 29th April’s swing hi $0.38845.
Failure to move through to $0.28 levels in the early part of the afternoon could see Cardano’s ADA pullback through the 23.6% FIB Retracement Level of $0.2697 to bring the day’s first major support level at $0.2509 into play.
While investors will be jittery following Monday’s regulatory news, Monday afternoon’s rebound across the broader market will have eased some concerns, which should provide support for Cardano’s ADA through the day, supporting a reversal of Monday’s losses.
Looking at the Technical Indicators
Major Support Level: $0.2509
Major Resistance Level: $0.2786
Fib 23.6% Retracement Level: $0.2697
Fib 38% Retracement Level: $0.2924
Fib 62% Retracement Level: $0.3291