Advertisement
Advertisement

Cardano’s ADA Technical Analysis – Resistance Levels in Play – 26/03/19

By:
Bob Mason
Published: Mar 26, 2019, 04:48 UTC

A bounce back at the start of the day saw Cardano's ADA test the first major resistance level. Holding onto $0.060 levels will be key through the morning.

Cardano Crypto Currency Market

Key Highlights

  • Cardano’s ADA tumbled by 5.15% on Monday. Following on from a 3.23% fall from Sunday, Cardano’s ADA ended the day at $0.059074.
  • A start of the day intraday high $0.06253 saw Cardano’s ADA fall short of the first major resistance level at $0.0655.
  • A late afternoon intraday low $0.057155 saw Cardano’s ADA fall through the first major support level at $0.0593.
  • 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 5.15% on Monday. Following on from a 3.23% fall on Sunday, Cardano’s ADA ended the day at $0.059074.

Bearish from the start of the day Cardano’s ADA fell from an intraday high $0.62530 to a late morning low $0.060116. Steering clear of the first major support level at $0.0593, Cardano’s ADA managed to recover to $0.062 levels before hitting reverse.

A broad-based crypto sell-off saw Cardano’s ADA slide to a late intraday low $0.057155 before steadying.

The reversal saw Cardano’s ADA fall through the first major support level at $0.0593. In spite of the sell-off, Cardano’s ADA managed to avoid sub-$0.057 levels and the second major support level at $0.0563.

A pickup late in the day saw Cardano’s ADA move back through to $0.059 levels to cut the deficit on the day.

In spite of the 5 consecutive weeks in the green, 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 7th December’s new swing lo $0.02724.

At the time of writing, Cardano’s ADA was up by 2.09% to $0.060307. A particularly bullish start to the day saw Cardano’s ADA rise from a start of a day $0.059047 to a high $0.062774. The early rally saw Cardano’s ADA break through the first major resistance level at $0.0620 before easing back.

The day’s major support levels were left untested at the start of the day.

ADA/USD 26/03/19 Daily Chart

For the day ahead

A hold onto $0.060 levels through the morning would support another breakout later in the day. A move through to $0.0610 levels would bring the first major resistance level at $0.0620 back into play. Support from the broader market would be needed however for Cardano’s ADA to breakout from $0.0620 levels. Barring a broad-based crypto rally, we would expect Cardano’s ADA to fail to retest the first major resistance level at $0.0620.

Failure to hold onto $0.060 levels could see Cardano’s ADA give up the morning gains. A pullback through to $0.0595 levels would bring $0.057 levels into play before any recovery. Barring a broad-based crypto sell-off, we would expect the first major support level at $0.0566 to be left untested.

Looking at the Technical Indicators

Major Support Level: $0.0566

Major Resistance Level: $0.0620

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement