Cardano’s ADA Technical Analysis – Support Levels in Play – 23/07/19

Cardano’s ADA joins the majors in the red and things could get messy if there’s no recovery to $0.059 levels…
Bob Mason
Cardano Crypto Currency Market

Key Highlights

  • Cardano’s ADA fell by 2.94% on Monday. Following on from a 2.64% fall on Sunday, Cardano’s ADA ended the day at $0.059391.
  • An early morning intraday high $0.062335 saw Cardano’s ADA fall short of the first major resistance level at $0.0639.
  • A late intraday low $0.057496 saw Cardano’s ADA come fall through the first major support level at $0.05880.
  • 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 Support

Cardano’s ADA fell by 2.94% on Monday. Following on from a 2.64% fall on Sunday, Cardano’s ADA ended the day at $0.059391.

Bucking the trend through the early morning, Cardano’s ADA rose to a mid-morning intraday high $0.062625 before hitting reverse.

Falling short of the first major resistance level at $0.0639, Cardano’s ADA slid to an early afternoon low $0.058058.

The pullback saw Cardano’s ADA slide through the first major support level at $0.05880 before recovering to $0.059 levels.

A second sell-off late in the day saw Cardano’s ADA fall back through the first major support level at $0.0588 to an intraday low $0.057496.

Finding support late in the day, Cardano’s ADA moved back through to $0.059 levels to limit the downside on the day.

The extended bearish trend remained firmly intact, reaffirmed by the fall back to sub-$0.060 levels. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following 7th December’s new swing lo $0.02724.

For the bulls, Cardano’s ADA would need to break out from the 38.2% FIB to $0.1650 levels to form a bullish trend.

At the time of writing, Cardano’s ADA was down by 2.36% to $0.05799. A bearish start to the day saw Cardano’s ADA fall from a morning high $0.059795 to a low $0.057568.

In spite of the early pullback, Cardano’s ADA steered clear of the first major support level at $0.0571.

For the day ahead

A move back through the morning high $0.059795 would support a run at the first major resistance level at $0.0620.

Cardano’s ADA would need the support of the broader market, however, to break out from $0.0600 levels.

Barring a broad-based crypto rally, the first major resistance level at $0.0620 and Monday’s high $0.062335 should limit any upside.

Failure to move back through the morning high would see Cardano’s ADA struggle through the day. A fall back through the morning low $0.057568 would bring the first major support level at $0.0571 into play.

Barring a crypto meltdown, Cardano’s ADA should steer clear of the second major support level at $0.0549.

Looking at the Technical Indicators

Major Support Level: $0.0571

Major Resistance Level: $0.0620

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

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