Cardano’s ADA Technical Analysis – Looking for Support – 08/06/18

Key Highlights

• Cardano’s ADA fell by 2.35% on Thursday, following Wednesday’s 1.75% fall, to end the day at $0.21011.
• An intraday high $0.21906 saw Cardano’s ADA fall short of the day’s first major resistance level at $0.2210, while a late morning $0.20487 low saw Cardano’s ADA slide through the day’s first major support level at $0.2082 before recovering to $0.21 levels.
• The reversal through the day saw Cardano’s ADA pullback through the 38.2% FIB Retracement Level of $0.2114, adding further pressure on the near-term bullish trend.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA slid by 2.35% on Thursday, following on from Wednesday’s 1.75% fall, to end the day at $0.21011.

A start of the day bounce saw Cardano’s ADA move through to an intraday high $0.21906, before falling victim of a broad market sell-off, the day’s high falling well-short of the first major resistance level at $0.2210.

Cardano’s ADA saw an extended reversal through the most of Thursday, with an intraday low $0.20487 seeing Cardano’s ADA slide through the day’s first major support level at $0.2082 and 38.2% FIB Retracement Level of $0.2114 before recovering to $0.21 levels by the day’s end.

While the near-term bullish trend, formed at 29^th May’s swing lo $0.17094 remains intact, Thursday’s reversal through the 38.2% FIB Retracement Level and failure to recover added further pressure on the near-term bullish trend, with a move back through the 23.6% FIB Retracement Level at $0.2209 needed to leave the bullish trend intact.

At the time of writing, Cardano’s ADA was down 2.87% to $0.20409, an early move through to an intraday high $0.21112 the only bullish move of the morning that left the day’s first major resistance level at $0.2178 untested and more importantly, left Cardano’s ADA short of the 38.2% FIB Retracement Level of $0.2114.

A morning $0.201 low tested the day’s first major support level at $0.2036 early and continues to hover at around the key support level.

For the day ahead, Cardano’s ADA will need to move back through $0.2113 to support a break out from the 38.2% FIB Retracement Level of $0.2114 to bring the day’s first major resistance level at $0.2178 into play and support a continuation of the near-term bullish trend.

Failure to move through the 38.2% FIB Retracement Level and take a run at the first major resistance level at $0.2178 will likely see Cardano’s ADA take a bigger hit later in the day, with the day’s first major support level at $0.2036 and sub-$0.20 support levels in play.

Any pullback to test the day’s second major support level at $0.1972 would bring the 62% FIB Retracement Level of $0.196 into play. A pullback to sub-$0.20 levels would indicate a resumption of the extended bearish trend formed at late April’s swing hi $0.388.

While it’s been a bad start to the day for Cardano’s ADA and the broader market, an afternoon recovery may well be on the cards as investors look to jump in ahead of the weekend, which provides some cover from regulators and the news wires.

Looking at the Technical Indicators

Major Support Level: $0.2036

Major Resistance Level: $0.2178

Fib 23.6% Retracement Level: $0.2209

Fib 38% Retracement Level: $0.2114

Fib 62% Retracement Level: $0.196