Key Highlights
- Cardano’s ADA fell by 0.8% on Wednesday, following a 1.8% slide on Tuesday, to end the day at $0.07518.
- A bullish start to the day saw Cardano’s ADA move to an intraday high $0.0774 to test the day’s first major resistance level at $0.0777 before hitting reverse.
- A late in the day intraday low $0.07484 saw Cardano’s ADA steer clear of the day’s first major support level at $0.0736.
- The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.
Cardano’s ADA Price Support
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.
Looking at the Technical Indicators
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