It's been a choppy start to the day with support levels in play in the early hours
Cardano’s ADA gained just 0.01% on Monday, following Sunday’s 1.56% fall, to end the day at $0.07634.
A bullish start to the day saw Cardano’s ADA look to reverse Sunday’s late sell-off, rising to an early morning intraday high $0.07813, the day’s high falling short of the first major resistance level at $0.0803 before hitting reverse.
Tracking the broader cryptomarket through the morning and early afternoon, Cardano’s ADA slide through the day’s first major support level at $0.0729 to a late afternoon intraday low and new swing low $0.0715 before recovering.
A late recovery saw Cardano’s ADA break back through the first major support level to end the day at $0.076 levels, while the extended bearish trend formed at late April’s $0.38845 remained firmly intact following last week’s in excess of 27% losses.
There’s a long way to go for the bulls to shift sentiment, with a break out from the 23.6% FIB Retracement Level of $0.1463 to the 38.2% FIB Retracement Level of $0.1926 needed for Cardano’s ADA to begin a bearish trend reversal.
At the time of writing, Cardano’s ADA was down 0.49% to $0.073, with an early move from a start of a day $0.07312 seeing Cardano’s ADA move through to an early morning high $0.07486 before hitting reverse, the morning high leaving Cardano’s ADA well short of the first major resistance level at $0.0793.
For the day ahead, a move back through to $0.075 levels would support another run at the day’s first major resistance level at $0.0793 to bring $0.08 levels into play, though for Cardano’s ADA to have a run at $0.08 levels, a move back through and hold above $0.075 would be needed in the earlier part of the day.
Failure to move through and hold above $0.075 could see Cardano’s ADA take a bigger hit later in the day, with the day’s first major support level at $0.0725 very much in play in the early hours. The bears will be eyeing sub-$0.07 levels and the day’s second major support level at $0.0686, though we would expect Cardano’s ADA to find plenty of support to avoid sub-0.07 levels on the day, barring materially negative news hitting the wires.
Major Support Level: $0.0725
Major Resistance Level: $0.0793
Fib 23.6% Retracement Level: $0.1463
Fib 38% Retracement Level: $0.1926
Fib 62% Retracement Level: $0.2674
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.