Cardano’s ADA Technical Analysis – Support Levels in Play – 16/10/18

Cardano’s ADA is back in the red in the early hours, though still sitting well above Monday’s pre-spike levels, any pullback to $0.75 likely to hit hard.
Bob Mason

Key Highlights

  • Cardano’s ADA rallied by 6.89% on Monday, reversing Sunday’s 3.42% slide, to end the day at $0.07653.
  • A start of a day intraday low $0.06968 saw Cardano’s ADA call on support at the first major support level at $0.0697 to recover to $0.07 levels.
  • A broad based cryptomarket rally saw Cardano’s ADA break through the day’s major resistance levels to an intraday high $0.08933 before easing back to $0.07 levels.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA rallied by 6.89% on Monday, reversing Sunday’s 3.42% slide, to end the day at $0.07653.

Tracking the broader market through the early part of the day, Cardano’s ADA recovering from a start of a day intraday low $0.06968 to $0.07 levels, finding support at the first major support level at $0.0697 before the mid-morning price spike across the majors, which saw Cardano’s ADA break through the day’s major resistance levels to an intraday high $0.08933 before easing back.

Sliding back through the third major resistance level at $0.0798 by late morning, Cardano’s ADA was able to hold above the second major resistance level at $0.0760, though holding on could be a challenge when considering the cause of the spike on the day, sentiment across the broader market little changed as investors wait on for the SEC and G20.

The morning spike saw Cardano’s ADA continue to fall well short of the 23.6% FIB Retracement Level of $0.1379, reaffirming the bearish trend formed at late April’s swing hi $0.38845.

At the time of writing, Cardano’s ADA was down 0.33% to $0.07627, with moves through the early morning seeing Cardano’s ADA pullback to a morning low $0.07546 from a start of a day morning high $0.07687, the day’s major support and resistance levels left untested in the early hours.

For the day ahead, a move back through the morning high $0.07687 could see Cardano’s ADA make a move through to $0.77 levels, while Cardano’s ADA would need to break through $0.0785 to bring $0.080 levels into play, which is likely to be a step too far in the event of a broad based market rally, the day’s first major resistance level at $0.0873 unlikely to be tested on the day.

Failure to move back through to the morning high $0.07687 could see Cardano’s ADA fall back further through the day, with a pullback through the morning low $0.07546 bringing sub-$0.74 levels into play before any recovery, the day’s first major support level at $0.0677 unlikely to be untested, barring materially negative news hitting the wires.

The bears will be eyeing Monday’s pre-spike $0.071 levels

Looking at the Technical Indicators

Major Support Level: $0.0677

Major Resistance Level: $0.0873

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

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