Cardano’s ADA Technical Analysis – Support Levels in Play – 29/04/19

Key Highlights

• Cardano’s ADA fell 1.32% on Sunday. Reversing a 1.2% gain from Saturday, Cardano’s ADA ended the day at $0.071109
• A mid-day intraday high $0.073627 saw Cardano’s ADA come within range of the first major resistance level at $0.0739 before hitting reverse.
• A late afternoon intraday low $0.070001 saw Cardano’s ADA test the first major support level at $0.07000.
• The extended bearish trend remained intact on the day. Cardano’s ADA continued to fall well 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 1.32% on Sunday. Reversing a 1.2% gain from Saturday, Cardano’s ADA ended the week down 4.12% at $0.071109.

A bullish start to the day saw Cardano’s ADA strike a mid-day intraday high $0.073627 before hitting reverse.

Coming within range of the first major resistance level at $0.0739, Cardano’s ADA fell to a late afternoon intraday low $0.070001 before finding support. The afternoon reversal saw Cardano’s ADA call on support from the first major support level at $0.07000 to avoid a visit to sub-$0.070 levels.

Support late in the day saw Cardano’s ADA recover to $0.0710 levels to cut the deficit for the day.

Following 7 consecutive weeks in the green that led to a current year high $0.103722, it’s been 3 consecutive weeks in the red. The pullback ensured that extended bearish trend remained firmly intact. Cardano’s ADA continued 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 up by just 0.06% to $0.071152. A bearish start to the day saw Cardano’s ADA fall to a morning low $0.070531 before recovering to a high $0.071469.

Cardano’s ADA left the major support and resistance levels untested in a relatively range-bound start to the day.

For the day ahead

A move through to $0.07160 levels would support a run at the first major resistance level at $0.07320. Sentiment across the broader market would need to improve, however, for Cardano’s ADA to recoup some of last week’s losses.

Barring a broad-based crypto rally, Cardano’s ADA would likely come up short of the second major resistance level at $0.0752.

A weekend high $0.073627 would likely limit the upside to $0.074 levels in the event of a trend-bucking move.

Failure to move through to $0.07160 levels could see Cardano’s ADA fall back through the morning low $0.070531 to test support at $0.07000.

Barring a broad-based crypto sell-off, the first major support level at $0.06950 would likely limit the downside on the day.

Looking at the Technical Indicators

 

Major Support Level: $0.0695

Major Resistance Level: $0.0732

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