Cardano’s ADA Technical Analysis – Slides through Support Levels – 20/11/18

Key Highlights

• Cardano’s ADA tumbled by 15.5% on Monday, following on from last week’s 19.1% slide, to end the day at $0.0527.
• The day’s first major resistance level at $0.0638 was left untested with a start of a day intraday high $0.06242.
• A day long sell-off saw Cardano’s ADA slide through the day’s major support levels to an intraday low $0.05079 before finding support at $0.0500.
• The extended bearish trend was reaffirmed with a new swing lo $0.05079, with Cardano’s ADA also continuing to fall well short of the 23.6% FIB Retracement Level of $0.1305.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA tumbled by 15.5% on Monday, following on from a 19.1% slide through last week, to end the day at $0.0527.

It was a particularly bearish day at the start of the week, with Cardano’s ADA tracking the broader market in a mass sell-off, sliding from a start of a day intraday high $0.06424 to a late afternoon intraday low and new swing lo $0.05079 before finding support.

The day long sell-off saw Cardano’s ADA fall through the day’s major support levels with relative ease, Cardano’s ADA unable to break back through the day’s third major support level at $0.0567 by the day’s end, support at $0.0500 preventing heavier losses on the day.

A new swing lo $0.05079 reaffirmed the extended bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA falling well short of the 23.6% FIB Retracement Level of $0.1305 and more importantly for the crypto bulls, the 38.2% FIB Retracement Level of $0.1798.

At the time of writing, Cardano’s ADA was up 0.35% to $0.052883, a relatively range bound start to the day seeing Cardano’s ADA rise to a start of a day morning high $0.05375 before easing back to a morning low $0.052, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.05375 to $0.0553 would support a run at the day’s first major resistance level at $0.0598, with Cardano’s ADA lagging the broader market early on, supporting a possible catchup move should sentiment remain positive through the late morning, though we can expect plenty of resistance at $0.060 to pin Cardano’s ADA from more material gains.

Failure to move through the morning high $0.05375 to $0.0553 could see Cardano’s ADA come under pressure later in the day, with a pullback through the morning low $0.052 bringing Monday’s swing lo $0.05079 and sub-$0.050 levels into play before any recovery, the day’s first major support level at $0.0482 likely to prevent a more material reversal in the event of a broad based crypto sell-off later in the day.

Looking at the Technical Indicators

Major Support Level: $0.0482

Major Resistance Level: $0.0598

Fib 23.6% Retracement Level: $0.1305

Fib 38% Retracement Level: $0.1798

Fib 62% Retracement Level: $0.2595