Cardano's ADA is on the move early, finding support from the broader market. Holding onto $0.070 levels will be key through the morning, however...
Cardano’s ADA gained 1.61% on Monday. Reversing a 1.28% fall from Sunday, Cardano’s ADA ended the day at $0.070165.
A particularly bearish start to the day saw Cardano’s ADA fall through the first major support level at $0.0679 and second major support level at $0.0668.
Finding support from the broader market, Cardano’s ADA rallied from an intraday low $0.066504 to a late afternoon intraday high $0.072475 before easing back.
The rally saw Cardano’s ADA move through the first major resistance level at $0.0708. Selling pressure at the second major resistance level at $0.0725 capped the upside on the day. The late pullback saw Cardano’s ADA ease back through the first major resistance level, whilst holding onto $0.070 levels by the day’s end.
Following 7 consecutive weeks in the green that led to a current year high $0.103722, it’s been 4 consecutive weeks in the red. The pullback leaves 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 7th December’s new swing lo $0.02724.
At the time of writing, Cardano’s ADA was up by 1.44% to $0.071173. Tracking the broader market early on, Cardano’s ADA rallied to a morning high $0.073012 before easing back.
The early rally saw Cardano’s ADA break through the first major resistance level at $0.0729. A start of a day morning low $0.07176 saw Cardano’s ADA steer well clear of the first major support level at $0.0670.
A hold onto $0.070 levels through the morning would support another break through the first major resistance level at $0.0729. Support from the broader market would be needed, however, for Cardano’s ADA to breakout from $0.0720 levels on the day.
Barring another broad-based rally later in the day, Cardano’s ADA will likely fall short of the second major resistance level at $0.0757.
Failure to hold onto $0.070 levels could see Cardano’s ADA test the first major support level at $0.0670.
Sentiment across the broader market would need to materially deteriorate, however, for Cardano’s ADA to revisit Monday’s low $0.066504.
Major Support Level: $0.0670
Major Resistance Level: $0.0729
23.6% FIB Retracement Level: $0.1125
38.2% FIB Retracement Level: $0.1652
62% FIB Retracement Level: $0.2505
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.