Cardano’s ADA Technical Analysis – Support Levels in Play – 25/01/19

Key Highlights

• Cardano’s ADA rose by 0.78% on Thursday, partially reversing a 1.45% fall from Wednesday, to end the day at $0.04383.
• An early morning intraday low $0.042934 saw Cardano’s ADA hold above the first major support level at $0.0425.
• A late in the day intraday high $0.044424 saw Cardano’s ADA come within range of the first major resistance level at $0.0447 before easing back.
• The extended bearish trend remained intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA rose by 0.78% on Thursday, partially reversing a 1.45% fall from Wednesday, to end the day at $0.04383.

Tracking the broader market through the day, Cardano’s ADA fell to an early morning intraday low $0.042934, holding above the day’s first major support level at $0.0425, before finding support from the broader market.

A broad based crypto rally kicked in through to the late evening, with Cardano’s ADA recovering to a late in the day intraday high $0.044424, coming within range of the day’s first major resistance level at $0.0447 before easing back to $0.043 levels.

The extended bearish trend, formed at early May’s swing hi $0.38845, remained firmly intact. Cardano’s ADA continues to fall well short of the 23.6% FIB Retracement Level of $0.1125 following 7^th December’s new swing lo $0.02724.

At the time of writing, Cardano’s ADA was down 0.24% to $0.043726. A bullish start to the day saw Cardano’s ADA rise to a morning high $0.04406 before sliding back to a morning low $0.04362, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold onto 0.0437 levels would support another move through to $0.044 levels to bring the first major resistance level at $0.0445 into play before a pullback. We would expect any improved sentiment from across the broader market to also bring the second major resistance level at $0.0452 into play later in the day, while $0.046 levels will likely be out of reach on the day.

Failure to hold onto $0.0437 levels through the morning could see Cardano’s ADA pullback through the morning low $0.04362 to bring the first major support level at $0.043 into play before any recovery. We would expect Cardano’s ADA to steer clear of the second major support level at $0.0416, barring a broad based sell-off.

Looking at the Technical Indicators

Major Support Level: $0.0430

Major Resistance Level: $.0445

Fib 23.6% Retracement Level: $0.1125

Fib 38% Retracement Level: $0.1652

Fib 62% Retracement Level: $0.2505