Key Highlights
- Cardano’s ADA closed out the day flat on Monday, rising by just 0.01% following Sunday’s 1.56% fall, to end the day at $0.07364.
- An early morning intraday high $0.07813 came up short of the first major resistance level at $0.0803 before reversing.
- A day long sell-off saw Cardano’s ADA fall through the day’s first major support level at $0.0729 to an intraday low and new swing low $0.0715 before recovering late in the day.
- The moves through the day reaffirmed the extended bearish trend formed at late April’s swing hi $0.38845.
Cardano’s ADA Price Support
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.
Looking at the Technical Indicators
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