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Cardano’s ADA Technical Analysis – Resistance Levels in Play – 24/12/18

It’s looking like another bullish week is on the cards, the news wires unlikely to be causing too much damage, allowing the bulls to run free.
Bob Mason

Key Highlights

  • Cardano’s ADA gained 4.28% on Sunday to end the day at $0.045277, with a 4th consecutive day in the green delivering a 52.6% gain for the week.
  • A bullish morning saw Cardano’s ADA break through the first major support level at $0.0455 and second major resistance level at $0.0475 to hit a late morning intraday high $0.047683.
  • An early afternoon intraday low $0.042185 held well above the first major support level at $0.0403.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing 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 gained 4.28% on Sunday, following on from a 4.1% rise on Saturday to end the week at $0.045277.

A 4th consecutive day in the green contributed to a 52.6% rally, Monday through Sunday, with Cardano’s ADA only seeing one day in the red through the week.

Through Sunday, a bullish first half of the day saw Cardano’s ADA rise to a late morning intraday high $0.047683, breaking through the first major resistance level at $0.0455 to come up against the second major resistance level at $0.0475 before easing back.

Easing back through the early afternoon, Cardano’s ADA fell to an intraday low $0.042185, steering clear of the first major support level at $0.0403 to take a run the first major resistance level at $0.0455 for a second time in the day.

The extended bearish trend formed at early May’s swing hi $0.38845, remained intact in spite of 6 days in the green through the week and the solid gains, with Cardano’s ADA continuing 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 7.69% to $0.04876, with moves through the morning seeing Cardano’s ADA bounce from a start of a day morning low $0.045166 to strike a morning high $0.048925 before easing back to $0.048 levels.

The early rally saw Cardano’s ADA break through the first major resistance level at $0.0479 to come within reach of $0.05 levels and the second major resistance level at $0.0505 before the pull back.

For the day ahead, a hold onto $0.048 levels through the morning would support another run at $0.050 levels and the second major resistance level at $0.0505 later in the day, with support from the broader market needed for another breakout later in the day, Cardano’s ADA likely to face plenty of resistance on the way through to $0.050 levels.

Failure to hold onto $0.048 levels through the morning could see Cardano’s ADA give up some of the morning’s gains, with a pullback through the first major resistance level likely to bring $0.045 levels back into play before any recovery, the day’s first major resistance level at $0.0424 unlikely to be tested on the day.

Looking at the Technical Indicators

Major Support Level: $0.0424

Major Resistance Level: $0.0479

Fib 23.6% Retracement Level: $0.1125

Fib 38% Retracement Level: $0.1652

Fib 62% Retracement Level: $0.2505

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