Cardano's ADA joins the broader market in the red in the early hours, with investors struggling to shake the week's trend of loss and gains.
Cardano’s ADA gained 2.16% on Thursday, partially reversing Wednesday’s 4.54% relief rally, to end the day at $0.09255.
A pullback at the start of the day saw Cardano’s ADA fall from $0.091322 to a mid-morning intraday low $0.08817, before recovering through to $0.09 levels in the early afternoon, the day’s low holding above the day’s first major support level at $0.0848.
Tracking the broader market, an afternoon move saw Cardano’s ADA hit an intraday high $0.094, falling short of the day’s first major resistance level at $0.0987 and $0.1 levels.
The extended bearish trend, formed at late April’s swing hi $0.38845, remained firmly intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.2005.
At the time of writing, Cardano’s ADA was down 1.09% to $0.091, with Cardano’s ADA pulling back from a start of a day morning high $0.09255 to an early morning low $0.090624 before steadying at $0.091 levels, Cardano’s ADA tracking the broader cryptomarket in the early hours.
The moves through the morning saw Cardano’s ADA steer clear of the first major resistance level at $0.095 and first major support level at $0.0891, as the markets consider which way the SEC will go on its review of Thursday’s Bitcoin ETF rejections.
For the day ahead, a move back through the morning high $0.09255 would support a run at $0.93 levels to bring the day’s first major resistance level at $0.095 into play, though for Cardano’s ADA to break through to $0.095 levels, sentiment across the broader market will need to improve, Bitcoin likely to be the market barometer on the day.
Failure to move back through the morning high to $0.093 levels could see Cardano’s ADA take a bigger hit later in the day, with a pullback through the morning low $0.090624 bringing sub-$0.09 levels and the day’s first major support level at $0.0891 into play, the day’s second major support level at $0.0857 in play should the markets get hit with negative news from the SEC later in the day.
Major Support Level: $0.0891
Major Resistance Level: $0.0950
Fib 23.6% Retracement Level: $0.1561
Fib 38% Retracement Level: $0.2005
Fib 62% Retracement Level: $0.2723
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.