Cardano’s ADA Technical Analysis – Bearish Trend Intact – 04/07/18

Published: Jul 4, 2018, 06:43 UTC•3min read

Back in the red for Cardano’s ADA, though sentiment could see a material shift should Cardano’s ADA manage to break back through $0.16 levels to bring $0.17 levels into play, such a move indicative of the beginnings of a bearish trend reversal.

Key Highlights

Cardano’s ADA slid by 3.13% on Tuesday, following Monday’s 8.56% rally, to end the day at $0.14904.
A choppy start to the day saw Cardano’s ADA move through to an early morning intraday high $0.161, falling short of the day’s first major resistance level at $0.1631, before pulling back through the late morning.
An intraday low $0.1475 late in the day saw Cardano’s ADA hold well above the first major support level at $0.1411, though falling well short of the 23.6% FIB Retracement Level of $0.1782 left the extended bearish trend firmly intact.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA fell by 3.13% on Tuesday, partially reversing Monday’s 8.56% gain, to end the day at $0.14904.

Know where Markets is headed? Take advantage now with

Your capital is at risk

A late Monday pullback continued into the early hours of Tuesday, with Cardano’s ADA falling to a start of the day $0.15164 low before a broad based market rally saw Cardano’s ADA move through to an intraday high $0.161.

Falling short of the day’s first major resistance level at $0.1631 and the 23.6% FIB Retracement Level of $0.1782 left the extended bearish trend intact, with Cardano’s ADA pulling back to $0.15 levels through the middle of the day, before a late in the day reversal saw Cardano’s ADA give up $0.15 levels.

An intraday low $0.1475 held above the day’s first major support level at $0.1411, a positive for the crypto bulls, though the failure to consolidate Monday’s gains will have been a concern, extended rallies now few and far between as investors lock in profits before any negative news hits the wires.

At the time of writing, Cardano’s ADA was down 1.6% to $0.14735, with Tuesday’s late sell-off carrying on into the early hours of this morning, leading Cardano’s ADA to a morning low $0.1456 before recovering to $0.147 levels, the morning low managing to steer clear of the first major support level at $0.1440.

A mid-morning move back through to $0.15 levels, with a morning high $0.15078 saw Cardano’s ADA also fail to test the day’s first major resistance level at $0.1575 before pulling back to sub-$0.15 levels.

For the day ahead, a move through the morning’s high to $0.1525 would support a run at the first major resistance level at $0.1575, though for Cardano’s ADA to break back through to $0.15 levels, some stern resistance will likely be faced, $0.15 being the key level in the middle of the week.

Failure to move through to $0.1575 levels could see Cardano’s ADA take a bigger hit later in the day, with Cardano’s ADA likely to test the first major support level at $0.1440 before any recovery, sub-$0.14 support levels unlikely to be tested through the day, barring materially negative news hitting the wires.

For the bulls, the next target will have to be a move back through Tuesday’s $0.161 high to bring $0.17 levels into play, a break through the 23.6% FIB Retracement Level of $0.1782 supportive of a bearish trend reversal.