Cardano’s ADA Technical Analysis – Resistance Levels in Play – 15/05/19

Cardano’s ADA finds support early on but will need to make a move through to $0.0870 levels to sustain the current run of form…
Bob Mason
Cardano Crypto Currency Market

Key Highlights

  • Cardano’s ADA rallied by 16.7% on Tuesday. Following on from a 3.77% gain on Monday, Cardano’s ADA ended the day at $0.084608.
  • A start of a day intraday low $0.071901 saw Cardano’s ADA steer clear of the first major support level at $0.0688.
  • A late intraday high $0.085669 saw Cardano’s ADA break through the first major resistance level at $0.0767 and second major resistance level at $0.0809.
  • The extended bearish trend remained intact on the day. 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 16.7% on Tuesday. Following on from a 3.04% gain on Monday, Cardano’s ADA ended the day at $0.084608.

A bullish start to the day saw Cardano’s ADA rally from an intraday low $0.071901 to a morning high $0.081298 before easing back.

Steering clear of the major support levels in the early hours, Cardano’s ADA broke through the first major resistance level at $0.0767 and second major resistance level at $0.0809.

In spite of a late pullback to $0.074 levels, Cardano’s ADA rallied back to a late intraday high $0.085669.

Following 7 consecutive weeks in the green that led to a current year high $0.103722, it’s been 4 weeks in the red out of the last 5.

The reversal left the extended bearish trend firmly intact, in spite of the current week rally. 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 0.74% to $0.085237. A bullish start to the day saw Cardano’s ADA rise to a morning high $0.08903 before easing back. Coming within range of the first major resistance level at $0.0896, Cardano’s ADA eased back to a morning low $0.083567 before steadying.

In spite of the early pullback, Cardano’s ADA steered well clear of the first major support level at $0.0758.

For the day ahead

A move back through to $0.0870 levels would support another run at the first major resistance level at $0.0896.

Upward momentum from across the broader market through the afternoon would bring $0.090 levels into play. A breakthrough to $0.0910 levels could lead to a move through the second major resistance level at $0.0945 before any pullback.

Cardano’s ADA would need to move through the early morning high $0.089030 by the early afternoon, however, to spur another rally.

Failure to move back through to $0.0870 levels could see Cardano’s ADA give up the morning gains. A pullback through $0.08450 levels could bring $0.0810 levels into play before any recovery.

Barring a crypto meltdown, Cardano’s ADA will likely steer clear of the first major support level at $0.0758.

Looking at the Technical Indicators

Major Support Level: $0.0758

Major Resistance Level: $0.0896

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

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