Cardano’s ADA Technical Analysis – Eyeing Resistance Levels – 19/09/18

Support from the broader market could see Cardano’s ADA move into positive territory later in the day, while risks linger of a reversal to Tuesday’s gains.
Bob Mason

Key Highlights

  • Cardano’s ADA rallied 8.83% on Tuesday, reversing most of Monday’s 9.18% slide, to end the day at $0.069.
  • A bearish start saw Cardano’s ADA fall to an early intraday low $0.06199, holding above the first major support level at $0.0607.
  • A late morning rally saw Cardano’s ADA break through the first major resistance level at $0.0681 to an intraday high $0.0701 before easing back to sub-$0.07 levels.
  • In spite of the moves through the day, the extended bearish trend, formed at late April’s swing hi $0.38845, remained inta

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA rallied 8.83% on Tuesday, reversing most of Monday’s 9.18% slide, to end the day at $0.069.

A continuation of Monday’s sell-off into the early hours of Tuesday morning saw Cardano’s ADA fall to an early intraday low $0.06199 before recovering, Cardano’s ADA steering clear of the day’s first major support level at $0.0607.

Tracking the broader market, Cardano’s ADA rallied through the late morning to an early afternoon intraday high $0.0701 before easing back, the rally seeing Cardano’s ADA break through the day’s first major resistance level at $0.0681. Resistance at $0.07 was ultimately too great to allow a run at the day’s second major resistance level at $0.0721, leading to a pullback to sub-$0.07 levels by the day’s end.

In spite of the late morning rally and the day’s gains, Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1379 to leave the extended bearish trend firmly intact, with Cardano’s ADA needing to break through to $0.18 levels to begin forming a bearish trend reversal.

At the time of writing, Cardano’s ADA was down 0.22% to $0.06895 in what’s been a relatively choppy start to the day, Cardano’s ADA falling to a morning low $0.06774 before moving through to a morning high $0.06966, the moves through the early morning leaving the day’s major support and resistance levels untested, with resistance at $0.07 continuing to prove to be a challenge for the crypto bulls.

For the day ahead holding above $0.067 through the morning would support another run at $0.07 levels and the day’s first major resistance level at $0.0721, with positive sentiment across the broader market needing to hold through the morning to support a move into positive territory for Cardano’s ADA.

Failure to hold above $0.067 through the morning could see Cardano’s ADA take another hit later in the day, with a fall through the morning low $0.06774 bringing the day’s first major support level at $0.064 into play before any recovery.

Some caution would be needed in the event of a broad based market sell-off, with Cardano’s ADA more than capable of coughing up Tuesday’s gains should the wires deliver particularly negative news.

Looking at the Technical Indicators

Major Support Level: $0.0640

Major Resistance Level: $0.0721

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

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