Cardano’s ADA Technical Analysis – Support Levels in Play – 08/03/19
Key Highlights
- Cardano’s ADA gained 0.51% on Thursday. Partially reversing a 1.08% fall from Wednesday, Cardano’s ADA ended the day at $0.04373.
- A late morning intraday low $0.04303 saw Cardano’s ADA steer clear of the first major support level at $0.04260.
- A late in the day intraday high $0.044524 saw Cardano’s ADA break through the first major resistance level at $0.0445.
- 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 Resistance
Cardano’s ADA rose by 0.51% on Thursday. Partially reversing a 1.08% fall from Wednesday, Cardano’s ADA ended the day at $0.043727.
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A relatively bullish start to the day saw Cardano’s ADA rise to an early morning high $0.04445 before hitting reverse. Coming up against the first major resistance level at $0.04450, Cardano’s ADA slid to a late morning intraday low $0.04303.
Steering clear of the first major support level at $0.0426, Cardano’s ADA bounced back to an afternoon high $0.044524 before easing back. The afternoon rally saw Cardano’s ADA break through the first major resistance level at $0.04450.
For the current week, Cardano’s ADA was up by 1.86%, Monday through Thursday, in what has been a choppy week. Cardano’s ADA tumbled to a current week low $0.03993 on Monday before bouncing back to a current week high $0.04465 on Wednesday. The gains through the week bring the prospects of a 3rd consecutive week in the green.
In spite of the current week’s gains, 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 down by 0.65% to $0.04344. A bearish start to the day saw Cardano’s ADA fall from a morning high $0.04389 to a low $0.04324 before steadying.
The day’s major support and resistance levels were left untested early on.
For the day ahead
A move back through to $0.0438 levels would support a rebound later on in the day. Support from the broader market would be needed for Cardano’s ADA to take a run at the first major resistance level at $0.0445.
In the event of a rebound, we would expect Thursday’s high $0.04452 and the second major resistance level at $0.0453 to limit any upside on the day.
Failure to move back through to $0.0438 levels could see Cardano’s ADA fall deeper into the red on the day. A fall through the morning low $0.04324 would see Cardano’s ADA test the day’s first major support level at $0.0430. A broad-based crypto sell-off would bring the second major support level at $0.0423 into play before any recovery. We would expect Cardano’s ADA to steer clear of sub-$0.0420 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.0430
Major Resistance Level: $0.0445
23.6% FIB Retracement Level: $0.1125
38.2% FIB Retracement Level: $0.1652
62% FIB Retracement Level: $0.2505