Cardano’s ADA Technical Analysis – Resistance Levels in Play – 23/05/19

Key Highlights

• Cardano’s ADA slid by 8.09% on Wednesday. Following on from a 0.86% fall on Tuesday, Cardano’s ADA ended the day at $0.077419.
• An early morning intraday high $0.08560 saw Cardano’s ADA fall short of the first major resistance level at $0.0872.
• A late in the day intraday low $0.07515 saw Cardano’s ADA fall through the first major support level at $0.0814 and second major support level at $0.0787.
• 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 tumbled by 8.09% on Wednesday. Following on from a 0.86% fall on Tuesday, Cardano’s ADA ended the day at $0.077419.

Tracking the broader market through the day, Cardano’s ADA fell from an early morning intraday high $0.0856 to an early afternoon low $0.07956 before finding support.

Falling through the first major support level at $0.0814, Cardano’s ADA recovered to an afternoon high $0.084258 before hitting reverse.

Pressured by the broader market, Cardano’s ADA slid to a late intraday low $0.07515 before recovering to $0.077 levels.

The reversal saw Cardano’s ADA fall through the first major support level at $0.0814 and second major support level at $0.07870.

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 6.

The 4 weeks in the red and current week losses left the extended bearish trend 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 0.43% to $0.077756. A mixed start to the day saw Cardano’s ADA rise from a morning low $0.075927 to a morning high $0.079018 before easing back.

In spite of the relatively choppy start to the day, Cardano’s ADA left the major support and resistance levels untested.

For the day ahead

A move through to $0.0795 levels would support a return to $0.0820 levels later in the day. A breakthrough to $0.0820 levels would bring the first major resistance level at $0.0839 into play before any pullback.

Cardano’s ADA would need support from the broader market, however, to break out from $0.0830 levels on the day.

In the event of a broad-based crypto rally, a move back through to $0.0870 levels could be on the cards before any pullback.

Failure to move through to $0.0795 levels could see Cardano’s ADA hit reverse later in the day. A pullback through the morning low $0.075927 would bring the first major support level at $0.0730 into play.

Barring a crypto meltdown, Cardano’s ADA would likely steer clear of sub-$0.070 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0730

Major Resistance Level: $0.0839

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