Cardano’s ADA Technical Analysis – Support Levels in Play – 18/06/19

Key Highlights

• Cardano’s ADA rose by 1.66% on Monday. Following on from a 0.68% gain from Sunday, Cardano’s ADA ended the day at $0.09373.
• A mid-morning intraday low $0.090967 saw Cardano’s ADA hold above the first major support level at $0.0894.
• A late intraday high $0.09528 saw Cardano’s ADA come up against the first major resistance level at $0.09530.
• 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 Resistance

Cardano’s ADA rose by 1.66% on Monday. Following on from a 0.68% gain on Sunday, Cardano’s ADA ended the day at $0.09373.

A mixed start to the day saw Cardano’s ADA ease to a mid-morning intraday low $0.090967. Steering clear of the first major support level at $0.08940, Cardano’s ADA recovered to $0.094 levels.

Cardano’s ADA slid back to an afternoon low $0.091142 before rallying to a late intraday high $0.095280.

Coming up against the first major resistance level at $0.09530, Cardano’s ADA eased back to $0.093 levels at the day end.

The extended bearish trend remained firmly intact in spite of 4 weeks in the green out of the last 6. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following 7^th 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 1.53% to $0.09230. A bearish start to the day saw Cardano’s ADA fall from a morning high $0.094049 to a low $0.091792 before finding support.

Falling well short of the major resistance levels, Cardano’s ADA came within range of the first major support level at $0.0914.

For the day ahead

A move back through to $0.0933 levels would signal a rebound later in the day. Cardano’s ADA would need to break through to $0.0945 levels, however, to take a run at the first major resistance level at $0.0957.

Barring a broad-based crypto rebound, Cardano’s ADA would likely fall short of $0.0950 levels on the day.

In the event of a rebound, Cardano’s ADA could touch $0.0960 levels before any pullback. Monday’s high $0.09528 and the first major resistance level would likely cap any upside on the day.

Failure to move back through to $0.0933 levels could see Cardano’s ADA fall deeper into the red. A pullback through the morning low $0.091792 would bring the first major support level at $0.0914 back into play.

Barring a crypto meltdown, however, Cardano’s ADA should steer clear of sub-$0.90 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0914

Major Resistance Level: $0.0957

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