Cardano’s ADA Technical Analysis – Looking Bullish – 12/04/18Cardano’s ADA rallied 7.44% on Wednesday, following Tuesday’s 2.47% gain, to end the day at $0.16653, with moves in the last week beginning to shift Cardano’s longer-term bearish trend formed back in March.
- Cardano’s ADA rallied 7.44% on Wednesday, adding to Tuesday’s 2.47% rise, to end the day at $0.16653.
- A morning intraday low $0.15 avoided the day’s first major support level of $0.1474, while the day’s $0.16848 high broke through the 1st major resistance level and 2nd resistance level by the day’s end.
- Cardano’s end of day rally also broke through the 23.6% FIB Retracement Level of $0.1537 to test selling pressure at the 38.2% FIB Retracement Level of $0.1671.
Cardano’s ADA Price Resistance
An early morning intraday low $0.15 was the only bearish move for the day, with Cardano’s ADA moving through to $0.16 levels by the middle of the day, breaking through the first major resistance level of $0.1588, before an end of day rally saw Cardano’s ADA surge to an intraday high $0.16848, breaking through the 2nd resistance level of $0.1640.
The moves through the afternoon and day’s end saw Cardano’s ADA break through the 23.6% FIB Retracement Level of $0.1537 and 38.2% FIB Retracement Level of $0.1671, upbeat sentiment across the broader market easing selling pressure at the key resistance levels.
Bucking the trend, Cardano’s moves support the near-term bearish trend, though sentiment across the broader market will continue to influence how far ahead Cardano’s ADA can get.
At the time of writing, Cardano’s ADA was up 3.94% to $0.17309, in what has been yet another trend-bucking move, the rest of the cryptomarket majors sitting in negative territory in the early part of the day.
The gains through the morning came off the back of an early morning surge to an intraday high $0.19256, to not only break through the day’s first major resistance level of $0.1733 and 2nd resistance level of $0.1802 but also move through the 60.2% FIB Retracement Level of $0.1889.
A broad market sell-off saw selling pressure build at above the 60.2% FIB Retracement Level, leading to a pullback to $0.17 levels while continuing to maintain a near-term bullish trend formed through the current week.
For the day ahead, a move back through to $0.18 levels would likely see Cardano’s ADA make another run at the 60.2% FIB Retracement Level, with a hold at $0.19 levels by the day’s end supporting a reversal of the longer-term bearish trend, Cardano’s ADA looking to be the first to turn bullish.
Failure to move back through to $0.18 levels could see investors look to lock in profits before the day’s end, though we will not be expecting the day’s major support levels to be tested.
Looking at the Technical Indicators
- Major Support Level: $0.0.1549
- Major Resistance Level: $0.1733
- Fib 23.6% Retracement Level: $0.1537
- Fib 38% Retracement Level: $0.1671
- Fib 62% Retracement Level: $0.1889