Cardano’s ADA Technical Analysis – Calls on Support – 30/07/18

A start of the day pullback left Cardano’s ADA deep in the red, following last week’s losses, with the day ahead looking ominous.
Bob Mason

Key Highlights

  • Cardano’s ADA fell by 1.22% on Sunday, following on from Saturday’s 1.97% fall to end the day at $0.162.
  • Cardano’s ADA moved hit an early intraday high $0.16498, to fall short of the first major resistance level at $0.1677 before easing back.
  • A late morning intraday low $0.1600 called on support at the first major support level at of $0.1599 before recovering to $0.1622.
  • The weekend losses contributed to a 4.09% slide for the week, with Cardano’s ADA failing to break back through the 38.2% FIB Retracement Level of $0.1648.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA fell by 1.22% on Sunday, following Saturday’s 1.97% slide, to end the week down 4.09% to $0.1620.

A late Saturday recovery from heavier losses, continued into early Sunday, with Cardano’s ADA moving through to a start of the day intraday high $0.16498, while falling short of the first major resistance level at $0.1677.

Following the broader market, Cardano’s ADA pulled back through the morning to a late morning intraday low $0.1600, calling on support at the first major support level at $0.1599, before recovering to $0.162 levels, though it wasn’t plain sailing for Cardano’s ADA through the afternoon.

Volatility was ever present, with falls back through to $0.160 levels and recoveries to $0.163 levels before ultimately ending the weekend at $0.162 levels, support at the 38.2% FIB Retracement Level of $0.1648 failing to kick in through the morning.

For the Cardano’s ADA bulls, the week’s pullback and bearish moves through the weekend have certainly tested the near-term bullish trend formed at 29th June’s swing lo $0.11319, with Cardano’s ADA having struggled to find support at the 38.2% FIB Retracement Level of $0.1648 to force a recovery through to the 23.6% FIB Retracement Level of $0.177.

Holding on to $0.16 levels will be key for Cardano’s ADA near-term, any pullback to sub-$0.16 levels signaling a resumption of the extended bearish trend formed back at 29th April’s swing hi $0.38845.

At the time of writing, Cardano’s ADA was down 0.86% to $0.16117, with a volatile start to the day seeing Cardano’s ADA slide back from a start of a day $0.16388 morning high to an early morning low $0.15944 to test the first major support level at $0.1597 before moving back through to $0.16 levels, the morning’s high seeing Cardano’s ADA falling short of the first major resistance level at $0.1647.

For the day ahead, a move back through $0.1623 would support another run at the first major resistance level at $0.1647 to bring $0.165 levels into play, though Cardano’s ADA will need to avoid another pullback to sub-$0.16 levels through the late morning, with the 38.2% FIB Retracement Level of $0.1648 proving to be quite a hurdle.

Failure to break back through to $0.163 levels could see Cardano’s ADA take a bigger hit later in the day, with any broad based market sell-off bringing the day’s second major support level at $0.1574 into play, a close at sub-$0.16 levels signaling a resumption to the extended bearish trend.

Looking at the Technical Indicators

 

Major Support Level: $0.1605

Major Resistance Level: $0.1677

Fib 23.6% Retracement Level: $0.177

Fib 38% Retracement Level: $0.1648

Fib 62% Retracement Level: $0.1451

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