Cardano’s ADA Technical Analysis – Resistance Levels in Play – 18/03/19

Key Highlights

• Cardano’s ADA slid by 2.63% on Sunday. Reversing a 2.85% rise from Saturday, Cardano’s ADA ended the day at $0.05094.
• A start of the day intraday high $0.05243 saw Cardano’s ADA fall short of the first major resistance level at $0.0545.
• A late afternoon intraday low $0.04971 saw Cardano’s ADA test the first major support level at $0.04970.
• 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 Support

Cardano’s ADA fell by 2.63% on Sunday. Reversing a 2.85% gain from Saturday, Cardano’s ADA ended the week up 9.55% to $0.05094.

A bearish start to the day saw Cardano’s ADA fall from an intraday high $0.05243 to a morning low $0.05048. Steering clear of the major support levels, Cardano’s ADA bounced back to an afternoon high $0.05217.

Tracking the broader market, Cardano’s ADA slide to a late intraday low $0.05019 before steadying. Cardano’s ADA managed to hold above the first major support level at $0.04970 on the day. While holding onto $0.050 levels through the day, Cardano’s ADA also left the major resistance levels left untested through the day.

In spite of the current week’s gains, the extended bearish trend, formed at early May’s swing hi $0.38845, 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 0.21% to $0.05105. A choppy start to the day saw Cardano’s ADA rally to a morning high $0.05207. The early rally saw Cardano’s ADA come up against the first major resistance level at $0.0522 before pulling back. The reversal saw Cardano’s ADA fall to a morning low $0.05087 before steadying. The day’s major support levels were left untested early on in the day.

For the day ahead

A hold onto $0.0510 levels through the morning would support another run at the first major resistance level at $0.0522. Support from the broader market would be needed, however, for Cardano’s ADA to hold onto $0.0520 levels by the day’s end. A second broad-based crypto rally later in the day could bring $0.053 levels into play. A return to $0.054 levels would be unlikely, however, with the second major resistance level at $0.0534 likely to cap the upside.

Failure to hold onto $0.0510 levels could see Cardano’s ADA slide through the morning low $0.05087 to sub-$0.050 levels. Barring a broad-based crypto sell-off, we would expect the first major support level at $0.0499 to limit the downside on the day.

In the event of a sell-off, the second major support level at $0.0489 could be tested before any return to $0.050 levels.

Looking at the Technical Indicators

Major Support Level: $0.0496

Major Resistance Level: $0.0523

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505