Cardano’s ADA Technical Analysis – Support Levels in Play – 10/06/19

It’s a bullish start to the day. Cardano’s ADA will need support from the broader market, however, to reverse Sunday’s loss.
Bob Mason
Cardano Crypto Currency Market

Key Highlights

  • Cardano’s ADA slid by 5.94% on Sunday. Following on from a 1.6% fall from Saturday, Cardano’s ADA ended the day at $0.07885.
  • A start of a day intraday high $0.084361 saw Cardano’s ADA fall short of the first major resistance level at $0.08630.
  • A late in the day intraday low $0.076525 saw Cardano’s ADA fall through the first major support level at $0.0815 and second major support level at $0.0791.
  • The extended bearish trend remained intact. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA slid by 5.94 on Sunday. Following on from a 1.6% fall on Sunday, Cardano’s ADA ended the week down 18.3% at $0.07885.

A choppy start to the day saw Cardano’s ADA fall from an intraday high $0.08436 to an early morning low $0.081734.

Steering clear of the major support levels, Cardano’s ADA recovered to $0.083 levels before falling victim to a broad-based crypto sell-off.

The broad-based market sell-off saw Cardano’s ADA slide to a late intraday low $0.076525. The reversal saw Cardano’s ADA fall through the first major support level at $0.0815 and second major support level at $0.0791.

Support delivered late in the day, with Cardano’s ADA moving back through to $0.078 levels.

The extended bearish trend remained firmly intact in spite of the recovery from 4 consecutive weeks in the red through to the 1st week of May. 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.

At the time of writing, Cardano’s ADA was up by 4.25% to $0.08220. A particularly bullish start to the day saw Cardano’s ADA rise from a morning low $0.07731 to a morning high $0.082487.

Steering clear of the major support levels, Cardano’s ADA came within range of the first major resistance level at $0.0833.

For the day ahead

A hold onto $0.082 levels through the morning would support another run at the first major resistance level at $0.08330.

Cardano’s ADA would need support from the broader market, however, to break out from this morning’s high $0.082487.

Barring an extended crypto rebound through the day, Cardano’s ADA would likely come up short of Sunday’s high $0.08436.

Failure to hold onto $0.082 levels through the morning could see Cardano’s ADA hit reverse late in the day. A fall through the morning low $0.07731 would bring the first major support level at $0.0755 into play.

Barring a broad-based crypto sell-off, Cardano’s ADA would likely steer clear of the second major support level at $0.0721.

Looking at the Technical Indicators

Major Support Level: $0.0755

Major Resistance Level: $0.0833

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

Please let us know what you think in the comments below

Thanks, Bob

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