Cardano’s ADA Technical Analysis – Eyeing Resistance Levels – 02/11/18

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.

How to Buy Cardano’s ADA

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