Cardano’s ADA Technical Analysis – Negative Bias in Play – 14/12/18

Key Highlights

• Cardano’s ADA tumbled by 5.01% on Thursday, reversing a 4.33% gain on Wednesday, to end the day at $0.02959
• A start of a day intraday high $0.03143 came up short of the first major resistance level at $0.0323.
• A late in the day sell-off saw Cardano’s ADA fall through the first major support level at $0.0297 to a late intraday low $0.02893, calling on support at the second major support level at $0.0283.
• The extended bearish trend was reaffirmed following a 3^rd day in the red this week, with Cardano’s ADA also continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA slid by 5.01% on Thursday, reversing a 4.33% gain on Wednesday, to end the day at $0.02959.

A bearish start to the morning saw Cardano’s ADA ease back from a start of a day intraday high $0.03143 to a morning low $0.03008 before finding support to move back through to $0.31 levels and a range bound afternoon, the day’s major resistance levels left untested early on.

Tracking the broader market, a late in the day cryptomarket sell-off saw Cardano’s ADA slide through the day’s first major support level at $0.0297 to an intraday low $0.02892, coming within range of the second major support level at $0.0283 before steadying.

By the day’s end, Cardano’s ADA was unable to break back through the first major support level to end the day at sub-$0.03 levels for just the 2^nd time this year.

A 3^rd day in the red in 4 for the current week, following 7^th December’s new swing lo $0.02724, reaffirmed the extended bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125.

At the time of writing, Cardano’s ADA was down 0.37% to $0.029476, with moves through the early morning seeing Cardano’s ADA recovery from a morning low $0.02914 to a morning high $0.03015 before easing back to sub-$0.030 levels, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.030 levels would support another run at the first major resistance level at $0.0310, while any attempted breakout to $0.032 levels will likely face plenty of resistance on the way through Thursday’s high $0.03143, the bears still in control of Cardano’s ADA and the boarder market.

Failure to move back through to $0.030 levels could see Cardano’s ADA slide back through the morning low $0.02914 to bring $0.28 levels and the first major support level at $0.0285 into play with the second major support level at $0.0275 in play in the event of a cryptomarket sell-off.

Looking at the Technical Indicators

Major Support Level: $0.0285

Major Resistance Level: $0.0310

Fib 23.6% Retracement Level: $0.1125

Fib 38% Retracement Level: $0.1652

Fib 62% Retracement Level: $0.2505