Cardano’s ADA Technical Analysis – Hits the Brakes – 20/07/18

Key Highlights

• Cardano’s ADA gained 0.55% on Thursday, following Wednesday’s 5% rally, to end the day at $0.18075.
• An early pullback saw Cardano’s ADA fall through the 23.6% FIB Retracement Level of $0.177 to an intraday low $0.17231 before rallying to an intraday high $0.19177.
• The day’s first major support level and first major resistance level were left untested, while Cardano’s ADA continued to call on support at the 23.6% FIB Retracement Level in a choppy day relative to its peers.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA gained 0.55% on Thursday, following Wednesday’s 5% rally, to end the day at $0.18075.

An early reversal, coming off the back of Wednesday’s late in the day pullback from the 18^th July swing hi $0.19667 continued into the early hours of Thursday, with Cardano’s ADA falling to $0.17 levels with an intraday low $0.17231, calling on support at the 23.6% FIB Retracement Level of $0.177 before rallying through the late morning to an early afternoon intraday high $0.19177.

Cardano’s ADA failed to hold on to $0.19 levels and take a run at $0.20 levels, with sentiment across the broader market weighing through the afternoon, leading to Cardano’s ADA pulling back to $0.18 levels, to hover at around the 23.6% FIB Retracement Level of $0.177 through the remainder of the day.

Holding at $0.18 levels and finding much needed support at the 23.6% FIB Retracement Level left the near-term bullish trend, formed at 29^th June’s swing lo $0.12676, intact going into the final part of the week.

At the time of writing, Cardano’s ADA was down 2.28% to $0.1763, with another choppy start to the day seeing Cardano’s ADA recover from an early reversal to hit a morning high $0.18368 before succumbing to the broad based market sell-off, Cardano’s ADA falling to a morning low $0.175.

While the moves through the early morning saw Cardano’s ADA steer clear of the day’s first major support and resistance levels, another pullback through the 23.6% FIB Retracement Level of $0.177 continues to test the near term bullish trend, with a slide through to $0.16 levels likely to signal a resumption of the extended bearish trend formed in late April.

For the day ahead, a move through $0.1816 would support a run at $0.19 levels and the first major resistance level at $0.1909, though sentiment will need to improve through the middle of the day for a break through to $0.19 levels to materialize, as Cardano’s ADA continues to struggle to hold above the 23.6% FIB Retracement Level.

Failure to break back through $0.177 to $0.18 levels will likely place further pressure on Cardano’s ADA later in the day, with support at the 38.2% FIB Retracement Level of $0.1648 likely to be tested should Cardano’s ADA pullback through the first major support level at $0.1715.

Looking at the Technical Indicators

Major Support Level: $0.1715

Major Resistance Level: $0.1909

Fib 23.6% Retracement Level: $0.177

Fib 38% Retracement Level: $0.1648

Fib 62% Retracement Level: $0.1451