Advertisement
Advertisement

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

By:
Bob Mason
Published: Jun 10, 2019, 06:46 UTC

It's a bullish start to the day. Cardano's ADA will need support from the broader market, however, to reverse Sunday's loss.

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.

ADA/USD 10/06/19 Daily Chart

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

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.

Did you find this article useful?

Advertisement