Key Highlights
- Cardano’s ADA gained 2.47% on Wednesday. Following on from a 1.7% rise on Tuesday, Cardano’s ADA ended the day at $0.08246.
- A late in day intraday low $0.07834 saw Cardano’s ADA come within range of the first major support level at $0.0780.
- A late intraday high $0.08413 saw Cardano’s ADA fall short of the first major resistance level at $0.0879.
- The extended bearish trend remained intact. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125.
Cardano’s ADA Price Support
Cardano’s ADA rose by 2.47% on Wednesday. Following on from a 1.7% gain on Tuesday, Cardano’s ADA ended the day at $0.08246.
A choppy morning saw Cardano’s ADA rally to a mid-morning high $0.08406 before falling to a late morning low $0.07912.
Steering clear of the major support level at $0.0780, Cardano’s ADA recovered to $0.082 levels before sliding to a late intraday low $0.07834.
Cardano’s ADA came within range of the first major support level at $0.078 before striking a late intraday high $0.08413. In spite of the rally, Cardano’s ADA came up short of the first major resistance level at $0.0879 on the day.
The extended bearish trend remained firmly intact in spite of 5 weeks in the green out of the last 8. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following 7th December’s new swing lo $0.02724.
For the bulls, Cardano’s ADA would need to break out from the 23.6% FIB to $0.16 levels to form a bullish trend.
At the time of writing, Cardano’s ADA was down by 3.18% to $0.07984. A choppy start to the day saw Cardano’s ADA strike an early morning high $0.08382 before hitting reverse.
Falling short of the first major resistance level at $0.0849, Cardano’s ADA slid to an early morning low $0.07882.
The early sell-off saw Cardano’s ADA slide through the first major support level at $0.0792.
For the day ahead
A move back through to $0.0820 levels would support another run at the first major resistance level at $0.0849.
Cardano’s ADA would need the support of the broader market, however, to break back through to $0.080 levels.
Barring a broad-based crypto rebound, Cardano’s ADA would likely struggle to break out from this morning’s high $0.08382.
In the event of a broad-based crypto rebound, Cardano’s ADA could test the second major resistance level at $0.0874 before any pullback.
Failure to move back through to $0.082 levels would see Cardano’s ADA struggle on the day. A fall back through the first major support level at $0.0792 to $0.078 levels would bring the second major support level at $0.0759 into play.
Barring a crypto meltdown, Cardano’s ADA should steer well clear of the second major support level at $0.0715.
Looking at the Technical Indicators
Major Support Level: $0.0792
Major Resistance Level: $0.0849
23.6% FIB Retracement Level: $0.1125
38.2% FIB Retracement Level: $0.1652
62% FIB Retracement Level: $0.2505
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Thanks, Bob