It's a bullish morning for Cardano's ADA and holding onto $0.05 levels through the morning could deliver more later in the day.
Cardano’s ADA gained 0.66% on Tuesday, partially reversing a 2.31% slide on Monday, to end the day at $0.04953.
Tracking the broader market through much of the day, Cardano’s ADA fell to an early morning intraday low $0.04733, coming within range of the day’s first major support level at $0.0472 before finding support from the broader market to rally through to $0.05 levels.
The morning rally saw Cardano’s ADA strike an early afternoon intraday high $0.05156, coming up against the day’s first major resistance level at $0.0518 to ease back to sub-$0.050 levels through the afternoon.
The extended bearish trend, formed at early May’s swing hi $0.38845, remained intact in spite of last week’s 13.2% rally, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125 following 7th December’s new swing lo $0.02724.
At the time of writing, Cardano’s ADA was up 3.33% to $0.05118, a particularly bullish start to the day seeing Cardano’s ADA surge from a morning low $0.049157 to a morning high $0.052310 before easing back, the morning rally seeing Cardano’s ADA break through the first major resistance level at $0.0516 before the pullback.
For the day ahead, a hold onto $0.05 levels through the morning would support another run at $0.052 levels to bring the day’s second major resistance level at $0.0537 into play before any pullback, with support from the broader market needed to support a breakout from the day’s first major resistance level at $0.0516.
Failure to hold onto $0.05 levels through the morning could see Cardano’s ADA give up some of the morning gains later in the day, a pullback through to sub-$0.049 levels bringing the day’s first major support level at $0.0474 into play before any recovery.
Barring a reversal across the broader market later in the day, support levels will likely be avoided on the day, with Bitcoin and Litecoin likely to be the cryptomarket barometers through the day.
Major Support Level: $0.0474
Major Resistance Level: $0.0516
Fib 23.6% Retracement Level: $0.1125
Fib 38% Retracement Level: $0.1652
Fib 62% Retracement Level: $0.2505
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.