Key Highlights
- Cardano’s ADA gained 0.74% on Thursday, following on from a 0.91% rise on Wednesday, to end the day at $0.07117.
- A fall to an early morning intraday low $0.06949 saw Cardano’s ADA hold above the first major support level at $0.0684 before recovering to $0.07 levels.
- A late rally saw Cardano’s ADA rise to an intraday high $0.07191 to test the day’s first major resistance level at $0.0719 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.
Cardano’s ADA Price Resistance
Cardano’s ADA gained 0.74% on Thursday, following on from a 0.91% rise on Wednesday, to end the day at $0.07117.
A bearish start to the day saw Cardano’s ADA fall to an early morning intraday low $0.06949, holding above the day’s first major support level at $0.0684 before recovering to $0.07 levels and a relatively range bound morning.
Supported by positive sentiment across the broader market, Cardano’s ADA rallied in the afternoon to an intraday high $0.07191 before easing back, Cardano’s ADA coming up against the day’s first major resistance level at $0.0719 that pinned Cardano’s ADA back from more material gains on the day.
In spite of 2 consecutive days of gains, the extended bearish trend, formed at late April’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 $0.1379.
At the time of writing, Cardano’s ADA was up 0.57% to $0.07158, moves through the early morning seeing Cardano’s ADA rise from a start of a day morning low $0.071108 to a morning high $0.07231 before easing back to $0.071 levels, the early rally seeing Cardano’s ADA break through the first major resistance level at $0.0722, while the day’s first major support level at $0.0698 was left untested.
For the day ahead, a move back through $0.0718 would support another move through to $0.072 levels, with Cardano’s ADA likely to break back through the first major resistance level at $0.0722, while falling short of $0.073 levels and the day’s second major resistance level at $0.0733, a hold above $0.0709 needed to support a second rally in the day.
Failure to move back through $0.0718 could see Cardano’s ADA give up the morning gains, a fall through the morning low $0.071108 bringing sub-$0.07 levels and the day’s first major support level at $0.0698 into play before any recovery, with more material losses unlikely barring negative news hitting the wires through the day.
Looking at the Technical Indicators
Major Support Level: $0.0698
Major Resistance Level: $0.0722
Fib 23.6% Retracement Level: $0.1379
Fib 38% Retracement Level: $0.1858
Fib 62% Retracement Level: $0.2632