Cardano’s ADA Technical Analysis – Resistance Levels in Play – 23/05/19
Cardano’s DA is on the move and eyeing a return to $0.080 levels. A broad-based crypto rally is going to need to support, however.
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.
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 7th 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
Please let us know what you think in the comments below
Thanks, Bob
