Cardano's ADA joins the pack in the red. Avoiding sub-$0.08 levels will be key to support recovery to $0.090 levels.
Cardano’s ADA rose by 6.59% on Wednesday. Reversing a 3.84% slide from Tuesday, Cardano’s ADA ended the day at $0.08948.
Bullish through the day, Cardano’s ADA rallied to a late afternoon intraday high $0.09412 before easing back.
Cardano’s ADA broke through the first major resistance level at $0.0873 and second major resistance level at $0.0907. In spite of a late pullback, Cardano’s ADA held above the first major resistance level by the day’s end.
A start of a day intraday low $0.08362 saw Cardano’s ADA hold well above the first major support level at $0.0809.
In spite of the 7 consecutive weeks in the green and the latest surge, the extended bearish trend remained firmly intact. Cardano’s ADA continued to fall well 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 down by 4.84% to $0.08514. Tracking the broader market, Cardano’s ADA fell from a morning high $0.09055 to a low $0.08008 before finding support.
Falling short of the major resistance levels, Cardano’s ADA slid through the first major support level at $0.0840. Avoiding sub-$0.080 levels was key early in the day.
A move through to $0.089 levels would signal a 2nd half of a day recovery. Support from the broader market would be needed, however, for Cardano’s ADA to break back through to $0.090 levels. Barring a broad-based crypto rebound, Cardano’s ADA would likely fall well short of the first major resistance level at $0.0945.
Failure to move through to $0.089 levels could see Cardano’s ADA fall back through the first major support level at $0.0840. A second pullback would bring $0.070 levels into play before any recovery. Barring a broader sell-off, however, we would expect Cardano’s ADA to steer clear of sub-$0.070 levels. The second major support level at $0.0786 would likely limit the downside on the day.
Major Support Level: $0.0840
Major Resistance Level: $0.0945
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
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.