Cardano’s ADA Technical Analysis – Looking to Test Resistance Levels – 03/04/18

Key Highlights

• Cardano’s ADA gained 3.24% on Monday, reversing Sunday’s 3.03% fall, suggesting a possible bottoming out.
• An intraday low $0.1456 steered clear of the day’s first major support level of $0.13825, with resistance levels also untested through the day.
• Failure to push through the day’s first major resistance level of $0.1537 leaves investor sentiment untested at key resistance levels.

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How to Buy Cardano (ADA) The Complete Guide

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Cardano’s ADA Price Resistance

Following a bearish final week of March, that saw Cardano’s ADA slide from 23^rd March’s swing hi $0.224 to the 30^th March’s swing low $0.132, sentiment across the cryptomarket improved on Monday, supporting ADA’s 3.24% rise and a move back through to $0.15 levels.

An intraday high $0.156 through the middle part of the day came within touching distance of the day’s first major resistance level, while moving through the 23.6% FIB Retracement Level of $0.1537, ultimately leading to a pullback to $0.14 levels before a late in the day rally supported a move through to the day’s end $0.1528, a 3.24% gain for the day.

The day’s low $0.1456 held well above the day’s first major support level of $0.13825, with Cardano’s ADA managing to avoid sub-$0.14 levels.

While the day’s first major resistance level was tested, failure to hold above the 23.6% FIB Retracement Level and make a move for $0.16 levels left the longer-term bearish trend intact, while a short-term bullish trend has started to form from last Friday’s swing lo.

Good news for Cardano investors was the lack of an end of day sell-off, supporting an upward bias through the early part of today, with the newswires delivering little to shake an improving sentiment across the cryptomarket.

The positive sentiment through Monday filtered through to this morning, with Cardano’s ADA up 5.11% to $0.1605 at the time of writing.

A morning high $0.16286 broke through the day’s first major resistance level of $0.15733 and 2^nd resistance level of $0.16187 before easing back in the last hour, the upbeat sentiment across the market limiting selling pressure at the 23.6% FIB Retracement Level of $0.1537.

Cardano’s ADA has certainly seen a shift in sentiment since the 30^th March swing lo $0.132, with this morning’s moves reinforcing a short-term bullish trend that would support a run at the 38.2% FIB Retracement Level of $0.1671 in the afternoon.

The major downside rise for Cardano’s ADA remains the possibility of negative news hitting the wires, which would see a pullback to $0.15 levels and a test of the day’s first major support level of $0.14693 if the news is regulator related.

It’s bullish for now and a hold at $0.16 levels through the middle part of the day will be key to support a sustained rally through to the day’s end.

Looking at the Technical Indicators

• Major Support Level: $0.14693
• Major Resistance Level: $0.15733
• Fib 23.6% Retracement Level: $0.1537
• Fib 38% Retracement Level: $0.1671
• Fib 62% Retracement Level: $0.1889