Cardano’s ADA Technical Analysis – Eyeing Support Levels – 12/11/18

Key Highlights

• Cardano’s ADA gained 1.99% on Sunday, following a 1.14% rise on Saturday to end the week up 1.21% at $0.077.
• A late morning rally saw Cardano’s ADA break through the first major resistance level at $0.0767 and second major resistance level at $0.0778 to hit an intraday high $0.07806.
• An early afternoon sell-off saw Cardano’s ADA slide to an intraday low $0.07422, testing the day’s first major support level at $0.0748 before recovering late in the day.
• 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 1.99% on Sunday, following on from a 1.14% rise on Saturday, to end the day at $0.077, the weekend gains reversing losses from earlier in the week to leave Cardano’s ADA up 1.21% Monday through Sunday.

Recovering from an early morning dip to $0.07472, Cardano’s ADA rallied to a late morning intraday high $0.07806, breaking through the first major resistance level at $0.0767 and second major resistance level at $0.0778 before hitting reverse.

An early afternoon sell-off saw Cardano’s ADA slide to an intraday low $0.07422, calling on support at the first major support level at $0.0748, with a broad based market rally through the late part of the day driving Cardano’s ADA back through to $0.077 levels by the day’s end.

The weekly gain was not enough to shift the extended bearish trend formed back at late April’s swing hi $0.38845, 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 down 0.39% to $0.076685, with Cardano’s ADA sliding from a start of a day morning high $0.0781 to a morning low $0.076431 before steadying, the early moves leaving the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.0781 would likely see Cardano’s ADA break through the day’s first major resistance level at $0.0786 to bring $0.080 levels into play before any pullback, though Cardano’s ADA will need to hold onto $0.076 levels through the morning to support a recovery later in the day.

Failure to hold onto $0.076 levels through the morning could see Cardano’s ADA take a bigger hit later in the day, with a pullback through the morning low $0.076431 bringing the day’s first major support level at $0.0748 into play before any recovery, the day’s second major support level at $0.0726 unlikely to be tested barring a broad based market sell-off hitting Cardano’s ADA later in the day.

Looking at the Technical Indicators

Major Support Level: $0.0748

Major Resistance Level: $0.0786

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632