Cardano’s ADA Technical Analysis – Support Levels in Play – 31/07/19

Key Highlights

• Cardano’s ADA fell by 0.69% on Tuesday. Partially reversing a 1.46% gain from Monday, Cardano’s ADA ended the day at $0.05986.
• An early morning intraday low $0.05844 saw Cardano’s ADA steer clear of the first major support level at $0.05820.
• An early afternoon intraday high $0.06207 saw Cardano’s ADA fall short of the first major resistance level at $0.06280.
• 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 0.69% on Tuesday. Partially reversing a 1.46% rise from Monday, Cardano’s ADA ended the day at $0.05986.

Tracking the broader market early on, Cardano’s ADA fell to an early morning intraday low $0.05844 before finding support.

Steering clear of the first major support level at $0.0576, Cardano’s ADA rallied to an early afternoon intraday high $0.06207.

Cardano’s ADA came within range of the first major resistance level at $0.0628 before sliding back to an afternoon low $0.05922.

Finding support late in the day, Cardano’s ADA managed to recover to $0.0598 levels to limit the downside on the day.

For the current month, Cardano’s ADA was down by 26.6% to the end of Tuesday.

The extended bearish trend remained firmly intact, reaffirmed by the fall back to hover at around $0.060 levels. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following 7^th 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 0.35% to $0.05965. A relatively choppy morning saw Cardano’s ADA rally to late morning high $0.061222 before sliding to a low $0.059031.

Steering clear of the first major support level at $0.0528, Cardano’s ADA came within range of the first major resistance level at $0.0618.

For the day ahead

A move back through to $0.060 levels would support another run at the first major resistance level at $0.0618.

Cardano’s ADA would need the support of the broader market, however, to break out from this morning’s high $0.06122.

Barring a broad-based crypto rally, the first major resistance level at $0.0618 and Tuesday’s high $0.06207 would likely limit any upside on the day.

Failure to move back through to $0.060 levels could see Cardano’s ADA take a bigger hit on the day. A fall back through the morning low $0.059031 would bring the first major support level at $0.0582 into play.

Barring a broad-based crypto sell-off, Cardano’s ADA should steer clear of sub-$0.0580 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0582

Major Resistance Level: $0.0618

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