Cardano’s ADA Technical Analysis – Support Levels in Play – 08/10/18

Published: Oct 8, 2018, 04:11 UTC•2min read

It’s been a bad start to the day for Cardano’s ADA, with some of Sunday’s gains coming off the table, a hold on to $0.084 levels a must this morning.

Key Highlights

Cardano’s ADA rallied 3.97% on Sunday, reversing Saturday’s 2.34% slide, to end the day at $0.08476, the day’s gain reducing Cardano’s ADA losses for the week to just 0.32%.
An early morning reversal saw Cardano’s ADA fall to an intraday low 0.08032, coming within range of the first major support level at $0.0803.
An early afternoon rally saw Cardano’s ADA break through the first major resistance level at $0.0835, with a second rally late in the day seeing Cardano’s ADA break through the second major resistance level at $0.0856 with an intraday high $0.08579.
The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

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Cardano’s ADA Price Support

Cardano’s ADA rallied by 3.97% on Sunday, reversing Saturday’s 2.34% slide with interest, to end the day at $0.08476. The upside at the end of the weekend saw Cardano’s ADA reduce the week’s deficit to just 0.32%.

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A bearish first half of the day saw Cardano’s ADA slide to a late morning intraday low $0.08032, the day’s low coming within range of the day’s first major support level at $0.0801, with the day’s support leading to a second half of a day recovery.

Bucking the trend across the broader market, Cardano’s ADA broke through the day’s first major resistance level at $0.0835 in the early afternoon ahead of a late in the day broad based market rally kicking in.

The late rally saw Cardano’s ADA break through the second major resistance level at $0.0856 to an intraday high $0.08579, before easing back to hold above day’s first major resistance level by the day’s end,

The weekly loss 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.

At the time of writing, Cardano’s ADA was down 0.29% to $0.08449, with Cardano’s ADA pulling back from a start of a day morning high $0.085194 to a morning low $0.08395, before recovering to $0.084 levels, the moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a hold on to $0.084 levels would support a move back through the morning high $0.085194 to bring the day’s first major resistance level at $0.0869 into play before any pullback, the day’s second major resistance level at $0.0891 unlikely to be in play, unless particularly positive news hits the crypto wires.

Failure to hold on to $0.084 levels could see Cardano’s ADA fall through the morning low $0.08395 to bring the day’s first major support level at $0.08152 into play, while we would expect sub-$0.08 support levels to be left untested barring materially negative news hitting the wires.