Cardano’s ADA Technical Analysis – Resistance Levels in Play – 26/03/19
Key Highlights
- Cardano’s ADA tumbled by 5.15% on Monday. Following on from a 3.23% fall from Sunday, Cardano’s ADA ended the day at $0.059074.
- A start of the day intraday high $0.06253 saw Cardano’s ADA fall short of the first major resistance level at $0.0655.
- A late afternoon intraday low $0.057155 saw Cardano’s ADA fall through the first major support level at $0.0593.
- The extended bearish trend remained intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125.
Cardano’s ADA Price Support
Cardano’s ADA tumbled by 5.15% on Monday. Following on from a 3.23% fall on Sunday, Cardano’s ADA ended the day at $0.059074.
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Bearish from the start of the day Cardano’s ADA fell from an intraday high $0.62530 to a late morning low $0.060116. Steering clear of the first major support level at $0.0593, Cardano’s ADA managed to recover to $0.062 levels before hitting reverse.
A broad-based crypto sell-off saw Cardano’s ADA slide to a late intraday low $0.057155 before steadying.
The reversal saw Cardano’s ADA fall through the first major support level at $0.0593. In spite of the sell-off, Cardano’s ADA managed to avoid sub-$0.057 levels and the second major support level at $0.0563.
A pickup late in the day saw Cardano’s ADA move back through to $0.059 levels to cut the deficit on the day.
In spite of the 5 consecutive weeks in the green, the extended bearish trend, formed at early May’s swing hi $0.38845, remained firmly intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125, following 7th December’s new swing lo $0.02724.
At the time of writing, Cardano’s ADA was up by 2.09% to $0.060307. A particularly bullish start to the day saw Cardano’s ADA rise from a start of a day $0.059047 to a high $0.062774. The early rally saw Cardano’s ADA break through the first major resistance level at $0.0620 before easing back.
The day’s major support levels were left untested at the start of the day.
For the day ahead
A hold onto $0.060 levels through the morning would support another breakout later in the day. A move through to $0.0610 levels would bring the first major resistance level at $0.0620 back into play. Support from the broader market would be needed however for Cardano’s ADA to breakout from $0.0620 levels. Barring a broad-based crypto rally, we would expect Cardano’s ADA to fail to retest the first major resistance level at $0.0620.
Failure to hold onto $0.060 levels could see Cardano’s ADA give up the morning gains. A pullback through to $0.0595 levels would bring $0.057 levels into play before any recovery. Barring a broad-based crypto sell-off, we would expect the first major support level at $0.0566 to be left untested.
Looking at the Technical Indicators
Major Support Level: $0.0566
Major Resistance Level: $0.0620
23.6% FIB Retracement Level: $0.1125
38.2% FIB Retracement Level: $0.1652
62% FIB Retracement Level: $0.2505