Cardano’s ADA Technical Analysis – Eyeing $0.090 Levels – 28/09/18

Key Highlights

• Cardano’s ADA rallied 8.59% on Thursday, reversing Wednesday’s 2.82 loss, to end the day at $0.086.
• An early morning reversal saw Cardano’s ADA fall to an intraday low $0.07763, holding above the first major support level at $0.076.
• A late morning rally saw Cardano’s ADA break through the day’s first major resistance level at $0.0828 and second major resistance level at $0.0865 to a late in the day intraday high $0.0887 before easing back.
• The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA rallied by 8.59% on Thursday, reversing Wednesday’s 2.82% fall with interest, to end the day at $0.086.

Tracking the broader market through the early morning, Cardano’s ADA slipped to a late morning intraday low $0.07763 before finding support from the broader market, the day’s low steering clear of the day’s first major support level at $0.076.

A late morning rally continued through the afternoon, with Cardano’s ADA breaking through the day’s first major resistance level at $0.0828 and second major resistance level at $0.0865 to an intraday high $0.0887 before easing back.

In spite of the Thursday rally, Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1379, with the crypto bulls needing a run at the 38.2% FIB Retracement Level of $0.1858 to support the formation of a bearish trend reversal.

At the time of writing, Cardano’s ADA was up 1.05% to $0.0869, with Cardano’s ADA falling from a start of a day morning high $0.08759 to a morning low $0.08466 before finding support and moving back through to $0.086 levels, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.08759 would support a run at $0.090 levels to bring the day’s first major resistance level at $0.0906 into play. Cardano’s ADA last hit $0.090 levels back on 24^th September, which will likely lead to plenty of resistance on any move through to $0.090 levels on the day.

Failure to move back through the morning high $0.08759 could see Cardano’s ADA pullback later in the day, with a fall through the morning low $0.08466 likely to bring sub-$0.080 levels and the day’s first major support level at $0.0795 into play, sentiment across the broader market to dictate the degree of support and whether Cardano’s ADA could see heavier losses.

Holding above 0.084 levels through the morning will likely be the key for Cardano’s ADA through the day.

Looking at the Technical Indicators

Major Support Level: $0.0795

Major Resistance Level: $0.0906

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632