Key Highlights
- Cardano’s ADA gained 0.82% on Tuesday. Following on from a 9.87% rally on Monday, Cardano’s ADA ended the day at $0.04692.
- An early morning intraday low $0.04625 saw Cardano’s ADA steer clear of the first major support level at $0.0428.
- Rallying through the morning, Cardano’s ADA struck an early afternoon intraday high $0.04938, breaking through the first major resistance level at $0.04920.
- The extended bearish trend remained intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125.
Cardano’s ADA Price Resistance
Cardano’s ADA gained 0.82% on Tuesday. Following on from a 9.87% rally on Monday, Cardano’s ADA ended the day at $0.04692.
A choppy start to the day saw Cardano’s ADA slide to an early morning intraday low $0.04625 before making a move.
Steering clear of the first major support level at $0.0428, Cardano’s ADA rallied to an early afternoon intraday high $0.04938 before sliding back to $0.046 levels.
The rebound saw Cardano’s ADA break through the first major resistance level at $0.04920 before pulling back. A broad-based crypto reversal late in the day saw Cardano’s ADA give up most of the gains from earlier in the day.
In spite of a 5th consecutive day in the green, the extended bearish trend, formed at early May’s swing hi $0.38845, 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 by 0.19% to $0.04683. Moves through the early morning saw Cardano’s ADA fall from a morning high $0.04720 to a morning low $0.04576 before finding support.
The moves through the early hours saw Cardano’s ADA call on support at the first major support level at $0.0457, whilst falling short of the first major resistance level at $0.0488.
For the day ahead
Cardano’s ADA would need to move back through $0.0475 to support a run at $0.048 levels later in the day. A move through to $0.048 levels would support a run at the first major resistance level at $0.0488 should sentiment across the broader market improve through the day.
We would expect Tuesday’s high $0.04938 to pin Cardano’s ADA back from $0.050 levels in the event of a breakout.
Failure to move through to $0.0475 levels could see Cardano’s ADA fall deeper into the red. A fall through the morning low $0.04573 would see Cardano’s ADA fall through the first major support level at $0.0457 to call on support at the second major support level at $0.0444.
We would expect heavier losses to be unlikely, barring a broad-based crypto sell-off, which should leave sub-$0.0440 support levels untested through the day.
Looking at the Technical Indicators
Major Support Level: $0.0457
Major Resistance Level: $0.0488
Fib 23.6% Retracement Level: $0.1125
Fib 38% Retracement Level: $0.1652
Fib 62% Retracement Level: $0.2505