Cardano’s ADA Technical Analysis – Eyeing Resistance Levels – 09/01/19

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.
Bob Mason

Key Highlights

  • Cardano’s ADA gained 0.66% on Tuesday, partially reversing a 2.31% fall on Monday, to end the day at $0.04953.
  • An early morning intraday low $0.04733 came within range of the first major support level at $0.0472 before finding support from the broader market.
  • Recovering through the morning, Cardano’s ADA struck an early afternoon intraday high $0.05156, coming up against the first major resistance level at $0.0518 before easing back.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

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.

Looking at the Technical Indicators

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

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