Cardano’s ADA Technical Analysis – Resistance Levels in Play – 03/04/19

Key Highlights

• Cardano’s ADA rallied by 18.56% on Tuesday. Following on from a 2.89% gain on Monday, Cardano’s ADA ended the day at $0.08658.
• An early morning intraday low $0.070236 saw Cardano’s ADA steer clear of the first major support level at $0.0698.
• A late in the day intraday high $0.08988 saw Cardano’s ADA break through the day’s major resistance levels.
• In spite of the day’s rally, the extended bearish trend remained intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA rallied by 18.56% on Tuesday. Following on from a 2.89% rise on Monday, Cardano’s ADA ended the day at $0.08658.

A bearish start to the day saw Cardano’s ADA fall to an early morning intraday low $0.070236 before making a move.

Steering well clear of the first major support level at $0.0698, Cardano’s ADA rallied to a late intraday high $0.08988.

The day-long rally saw Cardano’s ADA break through the major resistance levels and hold above the third major resistance level at $0.0827 at the day’s end.

In spite of the 6 consecutive weeks in the green and the latest surge, the extended bearish trend remained firmly intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125, following 7^th December’s new swing lo $0.02724.

At the time of writing, Cardano’s ADA was up by 1.74% to $0.08808. A choppy start to the day saw strike a morning high $0.096227 before sliding to a morning low $0.084375.

The early rally saw Cardano’s ADA break through the first major resistance level at $0.0942 before the reversal. Steering clear of the first major support level at $0.0746, Cardano’s ADA managed to move back into positive territory.

For the day ahead

A hold above $0.0870 levels through the morning would support upward momentum through the 2^nd half of the day. A breakthrough to $0.090 levels would bring the first major resistance level at $0.0942 back into play. Support from the broader market would be needed, however, for Cardano’s ADA to take a run at the morning high $0.096227.

Another crypto breakout could bring the second major resistance level at $0.1019 into play before any reversal.

Failure to hold above $0.0870 levels could see Cardano’s ADA slide through the morning $0.084375 to $0.083 levels before any recovery. Avoiding sub-$0.0820 levels will be key for Cardano’s ADA to avoid a pullback to sub-$0.080 levels in the day.

Barring a crypto meltdown, we would expect Cardano’s ADA to hold well above the first major support level at $0.0746.

Looking at the Technical Indicators

Major Support Level: $0.0746

Major Resistance Level: $0.0942

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

Please let us know what you think in the comments below

Thanks, Bob