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Cardano’s ADA Technical Analysis – Support Levels in Play – 12/02/19

Cardano’s ADA joins the broader market in the red early on. Heavier losses could be on the cards should $0.0427 levels not be hit later in the day.
Bob Mason
Cardano Crypto Currency Market

Key Highlights

  • Cardano’s ADA fell by 3.13% on Monday. Reversing most of a 4.37% gain from Sunday, Cardano’s ADA ended the day at $0.04233.
  • A start of a day intraday high $0.0438 saw Cardano’s ADA fall short of the first major resistance level at $0.0450.
  • Falling through the day, Cardano’s ADA came in range of the first major support level at $0.0413, with an intraday low $0.04186.
  • The extended bearish trend remained intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA fell by 3.13% on Monday. Reversing most of a 4.37% rally from Sunday, Cardano’s ADA ended the day at $0.04233.

Tracking the broader market through the day, Cardano’s ADA tumbled from a start of a day intraday high $0.0438 to a late afternoon intraday low $0.041861.

The reversal saw Cardano’s ADA come within range of the first major support level at $0.0413 before finding support to move back through to $0.042 levels.

The damage was done within the first hour of the day, with Cardano’s ADA falling well short of the first major resistance level at $0.0450. Recovering to $0.042 levels and steering clear of sub-$0.040 levels were the positives in a particularly negative day for the broader market.

The extended bearish trend, formed at early May’s swing hi $0.38845, 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 1.48% at $0.04171. Tracking the broader market, Cardano’s ADA slid from a morning high $0.042343 to a morning low $0.041189 before finding support.

The reversal saw Cardano’s ADA call on support at the first major support level at $0.0415 within the first hour of the day, whilst the day’s major resistance levels were left untested.

For the day ahead

A move back through the morning high $0.042343 to $0.0427 levels would bring the first major resistance level at $0.0435 into play before any pullback. The bearish sentiment across the broader market would need to shift for Cardano’s ADA to breakout from $0.0435 levels to bring $0.044 levels into play.

We would expect Monday’s high $0.0438 and resistance at $0.0435 to pin Cardano’s ADA back from $0.040 levels, however, with investors likely to lock in any gains should Cardano’s ADA recover early losses.

Failure to move back through the morning high could see Cardano’s ADA fall deeper into the red. A slide through the first major support level at $0.0415 could likely see Cardano’s ADA call on support at the second major support level at $0.0407 before any recovery. Barring a crypto meltdown, we would expect Cardano’s ADA to steer clear of sub-$0.040 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0415

Major Resistance Level: $0.0435

Fib 23.6% Retracement Level: $0.1125

Fib 38% Retracement Level: $0.1652

Fib 62% Retracement Level: $0.2505

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