Cardano’s ADA Technical Analysis – Resistance Levels in Play – 28/02/19

Key Highlights

• Cardano’s ADA ended the day flat on Wednesday. Following a 1.41% fall on Tuesday, Cardano’s ADA ended the day at $0.04392.
• An early afternoon intraday high $0.04461 saw Cardano’s ADA come within range of the first major resistance level at $0.0448.
• A late intraday low $0.04179 saw Cardano’s ADA fall through the first major support level at $0.0430 and second major support level at $0.0420.
• 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 ended the day flat on Wednesday. Following a 1.41% fall on Tuesday, Cardano’s ADA ended the day at $0.04392.

Recovering from an early morning low $0.043272, Cardano’s ADA rallied to an early afternoon intraday high $0.04461.

Coming up against the first major resistance level at $0.0448, Cardano’s ADA tumbled to a late intraday low $0.04179 before finding support.

The reversal saw Cardano’s ADA fall through the first major support level at $0.0430 and second major support level at $0.0420.

Tracking the broader market through the day, a late rebound saw Cardano’s ADA recover to $0.0430 levels by the day’s end.

In spite of being up by 2.99% for the current week, 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 0.22% to $0.04401. Tracking the broader market, Cardano’s ADA rose from a morning low $0.04362 to a high $0.04449 before easing back. Early moves left the day’s major support and resistance levels untested.

For the day ahead

A hold onto $0.044 levels through the morning would support another run at the first major resistance level at $0.0451. Support from the broader market would be needed for a breakthrough to $0.045 levels, however. Cardano’s ADA has failed to move through to $0.045 levels for 2 consecutive days. We would expect  Cardano’s ADA to be pinned back from any attempts at a breakout.

In the event of a broad-based crypto rally, Cardano’s ADA could take a run at $0.046 levels and the second major resistance level at $0.0463 before any pullback.

Failure to hold onto $0.044 levels would see Cardano’s ADA give up the early gains. A fall through $0.0435 levels could see Cardano’s ADA fall through the first major support level at $0.0423 to $0.0410 levels before any recovery. We would expect Cardano’s ADA to steer clear of the second major support level at $0.0406 in the event of a sell-off.

Key through the morning would be to hold on. With the early gains coming from late Wednesday’s recovery, a sell-off could gather momentum through the day.

Looking at the Technical Indicators

Major Support Level: $0.0406

Major Resistance Level: $0.0451

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505