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

Another day in the red for Cardano’s ADA, which gave up $0.16 levels early to call on support, with the negative sentiment across the broader market likely to bring sub-$0.15 levels into play before any major rebound.
Bob Mason
ada

Key Highlights

  • Cardano’s ADA fell by 1.17% on Sunday, reversing Saturday’s 0.5% gain, to end the day at $0.1601.
  • An intraday high $0.16444 fell short of the day’s first major resistance level at $0.1652, with a late in the day intraday low $0.16 holding above the first major support level at $0.1583.
  • Failure to break through the 23.6% FIB Retracement Level of $0.2032 continued to support the extended bearish trend.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA fell by 1.17% on Sunday, reversing Saturday’s 0.5% gain, to end the week down 8.36% at $0.1601.

A relatively range bound start to the day saw Cardano’s ADA move through to an intraday high $0.16444 mid-morning, the day’s high falling well short of the first major resistance level a $0.1684.

While Cardano’s ADA managed to avoid any major losses through the day, a middle of the day pullback saw Cardano’s ADA fall to an intraday low $0.16 to hold above the day’s first major support level at $0.1546, support coming at the $0.16 psychological level.

By the day’s end, while Cardano’s ADA managed to hold on to $0.16 levels, the extended bearish trend formed at late April’s swing hi $0.38845 remained intact, with Cardano’s ADA failing to break through to $0.20 levels to take a run at the 38.2% FIB Retracement Level of $0.2386.

At the time of writing, Cardano’s ADA was down 1.42% to $0.15782, with $0.16 levels given up in the early part of the day.

Sunday’s late in the day pullback continued through the early hours of this morning, with Cardano’s ADA falling through the day’s first major support level at $0.1583 and second major support level at $0.1571 to an intraday low $0.15565, before recovering to $0.157 levels.

Of concern will be the failure to recover through the first major support level at $0.1583 to $0.16 levels, with the morning’s $0.16095 high having been struck within the first hour of the day, leaving the first major resistance level at $0.1630 untested early on.

For the day ahead, a move through $0.1615 would support a run at the first major support level $0.1630, though for a break through $0.163, sentiment across the broader market will need to improve and Bitcoin will likely be the barometer through the day.

Failure to move through to $0.16 levels to test the first major resistance level at $0.1615 would likely see Cardano’s ADA pullback through the second major support level at $0.1571 to bring sub-$0.15 levels into play.

As things stand, Cardano’s ADA may well be in for some more losses and a new swing lo before any rebound, though much will depend upon sentiment across the broader market, the likes of Cardano’s ADA favored by the bulls in any cryptomarket rebound.

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Looking at the Technical Indicators

Major Support Level: $0.1586

Major Resistance Level: $0.1630

Fib 23.6% Retracement Level: $0.2032

Fib 38% Retracement Level: $0.2386

Fib 62% Retracement Level: $0.2959

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