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

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US