It's another day in the red for Cardano's ADA, with sentiment across the broader market weighing to bring the day's major support levels into play.
Cardano’s ADA fell by 0.8% on Wednesday, following on from a 1.8% fall on Tuesday, to end the day at $0.07518.
Tracking the broader cryptomarket through the day, Cardano’s ADA rallied in the early hours to a mid-morning intraday high $0.0774 to come against the day’s first major resistance level at $0.0777 before hitting reverse.
A broad based cryptomarket sell-off saw Cardano’s ADA slide through the late morning and afternoon to a late in the day intraday low $0.07484 before recovering to $0.75 levels, Cardano’s ADA managing to hold above the day’s first major support level at $0.0736 through the day.
Wednesday’s 4th consecutive day in the red reaffirmed the extended bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1379, from which a breakout to the 38.2% FIB Retracement Level of $0.1858 would be needed to support a bearish trend reversal.
At the time of writing, Cardano’s ADA was down 0.72% to $0.0747, with moves through the early hours seeing Cardano’s ADA slide from a morning high $0.07555 to an early morning low $0.07368, falling through the first major support level at $0.0742 before finding support to move back through to $0.747 levels.
For the day ahead, a move back through the morning high to $0.0758 would support a run at $0.76 levels to bring the day’s first major resistance level at $0.0767 into play, while $0.077 levels and the second major resistance level at $0.0783 will likely remain out of reach, barring particularly positive news hitting the crypto wires.
Failure to move through to $0.0758 would likely see Cardano’s ADA remain in the red through the day, with a pullback through the day’s first major support level at $0.0742 to the morning low $0.07368 bringing the day’s second major support level at $0.0733 into play before any recovery, with sub-$0.073 support levels unlikely to be in play barring particularly negative news hitting the crypto wires.
Major Support Level: $0.0742
Major Resistance Level: $0.0767
Fib 23.6% Retracement Level: $0.1379
Fib 38% Retracement Level: $0.1858
Fib 62% Retracement Level: $0.2632
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.