Cardano’s ADA Technical Analysis – Support Levels in Play – 16/08/18

Key Highlights

• Cardano’s ADA gained 0.35% on Wednesday, following Tuesday’s 7.09% sell-off, to end the day at $0.09427.
• An early morning intraday high $0.10084 saw Cardano’s ADA break through the first major resistance level at $0.0983 before easing back.
• The lack of a sell-off to sub-$0.09 levels supported a later afternoon break back through the first major resistance level at $0.0983 to another $0.10084 high before easing back to $0.09 levels by the day’s end.
• A late intraday low $0.09329 saw Cardano’s ADA steer clear of the first major support level at $0.0869.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA gained just 0.35% on Wednesday, following Tuesday’s 7.09% slide, to end the day at $0.09427.

An early morning break through the first major resistance level at $0.0983 to an intraday high $0.10084 came off the back of upward momentum from late Tuesday spilling into the early hours of Wednesday, ultimately leading to a pullback to $0.09 levels.

Resistance at $0.1 was considered to be on the stronger side throughout the day, with a late afternoon rally seeing Cardano’s ADA break back through the first major resistance level at $0.983 to strike another intraday high $0.10084 before pulling back to $0.90 levels late in the day.

The late reversal saw Cardano’s ADA hit an intraday low $0.09329 before partially recovering, the morning low steering well-clear of the first major support level at $0.0869 and, more importantly, sub-$0.09 levels after striking a new swing lo $0.843 on Tuesday.

Cardano’s ADA continued to fall well-short of the 23.6% FIB Retracement Level of $0.1561 and $0.20 levels needed for a near-term bullish trend formation, Tuesday’s new swing lo adding to the bearish sentiment.

At the time of writing, Cardano’s ADA was down 0.39% to $0.09314, with a choppy start to the day seeing Cardano’s ADA slide to a morning low $0.09138, to call on support at the first major support level at $0.0914 before recovering to $0.093 levels.

The early pullback came from a continuation of Wednesday’s late in the day reversal, with direction through the late morning key to what lies ahead for Cardano’s ADA on the day.

A move through a morning high $0.095 to $0.096 levels would support a run at the first major resistance level at $0.099 to bring $0.10 levels and the second major resistance level at $0.1037 into play, though Cardano’s ADA will need to hold on to $0.093 levels through the morning to support a move later in the day.

Failure to hold on to $0.093 levels and a move through to $0.096 levels could see Cardano’s ADA take a hit later in the day to bring the day’s first major support level at $0.0914 and sub-$0.09 levels into play, negative sentiment towards the crypto majors expected to pin back Cardano’s ADA from significant gains on the day.

Looking at the Technical Indicators

Major Support Level: $0.0914

Major Resistance Level: $0.099

Fib 23.6% Retracement Level: $0.1561

Fib 38% Retracement Level: $0.2005

Fib 62% Retracement Level: $0.2723