It's back in the red for Cardano's ADA, which coughed up $0.08 levels early on. It could get messy...
Cardano’s ADA fell by 1.35% on Thursday. Following on from a 0.43% decline on Wednesday, Cardano’s ADA ended the day at $0.082106.
A bullish start to the day saw Cardano’s ADA strike an early morning intraday high $0.085013 before hitting reverse.
Coming up against the first major resistance level at $0.0850, Cardano’s ADA fell to a late afternoon intraday low $0.080934 before finding support. Relatively range-bound late in the day, Cardano’s ADA failed to hold onto $0.083 levels late in the day.
In spite of the 7 consecutive weeks in the green out of 8, the extended bearish trend 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 .2.97% to $0.07967. Tracking the broader market in the early hours, Cardano’s ADA slid from a morning high $0.082065 to a low $0.078189 before finding support.
Steering clear of the major resistance levels, Cardano’s ADA slide through the first major support level at $0.0802 and second major support level at $0.0783.
A move back through the first major support level at $0.0802 to $0.082 levels would signal a rebound in the day. Support from the broader market would be needed, however, for Cardano’s ADA to take a run at the first major resistance level at $0.0843.
Barring a broad-based crypto rebound, Cardano’s ADA will likely fall short of a recovery to $0.082 levels on the day.
Failure to move back through to $0.080 levels could see Cardano’s ADA take another hit later in the day. A slide back through the second major support level at $0.0783 could bring 0.075 levels into play before any recovery.
Barring a crypto meltdown, Cardano’s ADA will likely steer clear of the third major support level at $0.0742 on the day.
Major Support Level: $0.0802
Major Resistance Level: $0.0843
23.6% FIB Retracement Level: $0.1125
38.2% FIB Retracement Level: $0.1652
62% FIB Retracement Level: $0.2505
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.