FXEMPIRE
All

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

Cardano’s ADA bucks the trend from the broader market through the morning. A move back through to $0.060 levels would signal an afternoon rally…
Bob Mason
Cardano Crypto Currency Market

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 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 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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US