Cardano’s ADA Technical Analysis – Support Levels in Play – 04/02/19

It’s back in the red for Cardano’s ADA and heavier losses could be on the cards. A move through to $0.039 levels will be needed to ease selling pressure.
Bob Mason
Cardano's ADA
Cardano Crypto Currency Market

Key Highlights

  • Cardano’s ADA fell by 3.16% on Sunday. Reversing a 1.56% rise from Saturday, Cardano’s ADA ended the day at $0.03869.
  • A start of a day intraday high $0.04013 saw Cardano’s ADA fall short of the first major resistance level at $0.04070.
  • Falling through the day, Cardano’s ADA called on support at the first major support level at $0.0387, with an intraday low $0.038171.
  • 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 fell by 3.16% on Sunday, reversing a 1.56% gain from Saturday with interest, to end the day at $0.03869.

Tracking the broader market through the day, Cardano’s ADA fell from a start of a day intraday high $0.04013 to a late in the day intraday low $0.038171 before finding support.

Negative sentiment across the broader market weighed through the day. Cardano’s ADA fell through the first major support level at $0.0387 late in the day. The start of the day intraday high came up short of the first major resistance level at $0.04070

In the final hours, support from the broader market reduced some of the day’s losses. However, Cardano’s ADA was unable to close out the day at $0.04 levels for a 4th consecutive day.

For the week, Cardano’s ADA’s losses on Sunday led to a 6.55% loss. The weekly loss was a 3rd in the last 4-weeks.

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 down by 0.68% to $0.03843. Cardano’s ADA fell from a morning high $0.03877 to a low $0.03810 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead

A move through the morning high to $0.039 levels would signal a run at the first major resistance level at $0.0398. Support from the broader market would be needed for Cardano’s ADA to take a run at $0.04 levels, though we would expect Cardano’s ADA to fall short of the second major resistance level at $0.0410.

Failure to move through to $0.039 levels could see Cardano’s ADA fall deeper into the red. A pullback through the morning low $0.03810 would see Cardano’s ADA fall through the first major support level at $0.0379 to bring the second major support level at $0.0370 into play. Cardano’s ADA would likely avoid heavier losses in the day.

Looking at the Technical Indicators

Major Support Level: $0.0379

Major Resistance Level: $0.0398

Fib 23.6% Retracement Level: $0.1125

Fib 38% Retracement Level: $0.1652

Fib 62% Retracement Level: $0.2505

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