Cardano’s ADA Technical Analysis – Resistance Levels in Play – 07/05/19

Key Highlights

• Cardano’s ADA gained 1.61% on Monday. Reversing a 1.28% fall from Sunday, Cardano’s ADA ended the day at $0.070165.
• A late morning intraday low $0.066504 saw Cardano’s ADA fall through the first major support level at $0.0679 and second major support level at $0.0668.
• A late afternoon intraday high $0.072475 saw Cardano’s ADA break through the first major resistance level at $0.0708 before easing back.
• The extended bearish trend remained intact on the day. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA gained 1.61% on Monday. Reversing a 1.28% fall from Sunday, Cardano’s ADA ended the day at $0.070165.

A particularly bearish start to the day saw Cardano’s ADA fall through the first major support level at $0.0679 and second major support level at $0.0668.

Finding support from the broader market, Cardano’s ADA rallied from an intraday low $0.066504 to a late afternoon intraday high $0.072475 before easing back.

The rally saw Cardano’s ADA move through the first major resistance level at $0.0708. Selling pressure at the second major resistance level at $0.0725 capped the upside on the day. The late pullback saw Cardano’s ADA ease back through the first major resistance level, whilst holding onto $0.070 levels by the day’s end.

Following 7 consecutive weeks in the green that led to a current year high $0.103722, it’s been 4 consecutive weeks in the red. The pullback leaves the extended bearish trend remained firmly intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125, following 7^th December’s new swing lo $0.02724.

At the time of writing, Cardano’s ADA was up by 1.44% to $0.071173. Tracking the broader market early on, Cardano’s ADA rallied to a morning high $0.073012 before easing back.

The early rally saw Cardano’s ADA break through the first major resistance level at $0.0729. A start of a day morning low $0.07176 saw Cardano’s ADA steer well clear of the first major support level at $0.0670.

For the day ahead

A hold onto $0.070 levels through the morning would support another break through the first major resistance level at $0.0729. Support from the broader market would be needed, however, for Cardano’s ADA to breakout from $0.0720 levels on the day.

Barring another broad-based rally later in the day, Cardano’s ADA will likely fall short of the second major resistance level at $0.0757.

Failure to hold onto $0.070 levels could see Cardano’s ADA test the first major support level at $0.0670.

Sentiment across the broader market would need to materially deteriorate, however, for Cardano’s ADA to revisit Monday’s low $0.066504.

Looking at the Technical Indicators

Major Support Level: $0.0670

Major Resistance Level: $0.0729

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

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Thanks, Bob