Cardano’s ADA Technical Analysis – Support Levels in Play – 12/07/19

Cardano’s ADA was back in the red this morning. Support from the broader market could deliver a recovery later in the day, however.
Bob Mason
Cardano Crypto Currency Market

Key Highlights

  • Cardano’s ADA tumbled by 9.22% on Thursday. Following on from a 7.97% slide on Wednesday, Cardano’s ADA ended the day at $0.065145.
  • An early morning intraday high $0.07212 saw Cardano’s ADA fall short of the first major resistance level at $0.07820.
  • A late in day intraday low $0.062049 saw Cardano’s ADA fall through the first major support level at $0.06670.
  • 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 Support

Cardano’s ADA tumbled by 9.22% on Thursday. Following on from a 7.97% slide on Wednesday, Cardano’s ADA ended the day at $0.065145.

A mixed start to the day saw Cardano’s ADA rise to an early morning intraday high $0.07212 before hitting reverse.

Falling short of the first major resistance level at $0.0782, Cardano’s ADA slid to a morning low $0.062628 before finding support.

The early sell-off saw Cardano’s ADA fall through the first major support level at $0.0667.

Support through to the early evening led to a move back to $0.067 levels before Cardano’s ADA fell back to a late intraday low $0.062049.

Falling back through the first major support level at $0.0667, Cardano’s ADA also fell through the second major support level at $0.0616.

Finding support from the broader market late on, Cardano’s ADA moved back through to $0.065 levels.

The extended bearish trend remained firmly intact, reaffirmed by the current week sell-off. 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.

For the bulls, Cardano’s ADA would need to break out from the 23.6% FIB to $0.16 levels to form a bullish trend.

At the time of writing, Cardano’s ADA was down by 1.22% to $0.064352. A bullish start to the day saw Cardano’s ADA hit a morning high $0.066888 before hitting reverse.

Cardano’s ADA fell short of the first major resistance level at $0.0708 before falling to a morning low $0.062844.

In spite of the early pullback, Cardano’s ADA steered clear of the first major support level at $0.0608 early on.

For the day ahead

A move back through to $0.0665 levels would support upward momentum on the day. Cardano’s ADA would need the support of the broader market, however, to break through to $0.0700 levels.

Barring a broad-based crypto rally, the first major resistance level at $0.0708 would likely limit any upside on the day.

Failure to move back through to $0.0665 levels could see Cardano’s ADA fall deeper into the red. A fall through the morning low $0.62844 would bring the first major support level at $0.0608 into play.

Barring another crypto meltdown, however, Cardano’s ADA should steer clear of sub-$0.060 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.06080

Major Resistance Level: $0.07080

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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