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

By:
Bob Mason
Published: Jul 23, 2019, 05:59 UTC

Cardano's ADA joins the majors in the red and things could get messy if there's no recovery to $0.059 levels...

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.

ADA/USD 23/07/19 Daily Chart

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

About the Author

Bob Masonauthor

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.

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