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Cardano’s ADA Technical Analysis – Support Levels in Play – 08/10/18

By:
Bob Mason
Published: Oct 8, 2018, 04:11 UTC

It's been a bad start to the day for Cardano's ADA, with some of Sunday's gains coming off the table, a hold on to $0.084 levels a must this morning.

ada

Key Highlights

  • Cardano’s ADA rallied 3.97% on Sunday, reversing Saturday’s 2.34% slide, to end the day at $0.08476, the day’s gain reducing Cardano’s ADA losses for the week to just 0.32%.
  • An early morning reversal saw Cardano’s ADA fall to an intraday low 0.08032, coming within range of the first major support level at $0.0803.
  • An early afternoon rally saw Cardano’s ADA break through the first major resistance level at $0.0835, with a second rally late in the day seeing Cardano’s ADA break through the second major resistance level at $0.0856 with an intraday high $0.08579.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA rallied by 3.97% on Sunday, reversing Saturday’s 2.34% slide with interest, to end the day at $0.08476. The upside at the end of the weekend saw Cardano’s ADA reduce the week’s deficit to just 0.32%.

A bearish first half of the day saw Cardano’s ADA slide to a late morning intraday low $0.08032, the day’s low coming within range of the day’s first major support level at $0.0801, with the day’s support leading to a second half of a day recovery.

Bucking the trend across the broader market, Cardano’s ADA broke through the day’s first major resistance level at $0.0835 in the early afternoon ahead of a late in the day broad based market rally kicking in.

The late rally saw Cardano’s ADA break through the second major resistance level at $0.0856 to an intraday high $0.08579, before easing back to hold above day’s first major resistance level by the day’s end,

The weekly loss reaffirmed the extended bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1379.

At the time of writing, Cardano’s ADA was down 0.29% to $0.08449, with Cardano’s ADA pulling back from a start of a day morning high $0.085194 to a morning low $0.08395, before recovering to $0.084 levels, the moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a hold on to $0.084 levels would support a move back through the morning high $0.085194 to bring the day’s first major resistance level at $0.0869 into play before any pullback, the day’s second major resistance level at $0.0891 unlikely to be in play, unless particularly positive news hits the crypto wires.

Failure to hold on to $0.084 levels could see Cardano’s ADA fall through the morning low $0.08395 to bring the day’s first major support level at $0.08152 into play, while we would expect sub-$0.08 support levels to be left untested barring materially negative news hitting the wires.

ADA/USDT 08/10/18 Daily Chart

Looking at the Technical Indicators

 

Major Support Level: $0.0809

Major Resistance Level: $0.0879

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

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.

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