Cardano’s ADA Technical Analysis – Support Levels in Play – 01/01/19
Key Highlights
Cardano’s ADA slid by 5.78% on Monday, reversing a 4.10% gain from Sunday, to end the day at $0.041944.
A start of a day intraday high $0.044919 saw Cardano’s ADA fall well short of the day’s first major resistance level at $0.0458.
Bearish through the day, Cardano’s ADA slid through the first major support level at $0.0422 to an intraday low $0.041104.
The extended bearish trend remained intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1125.
Cardano’s ADA Price Resistance
Cardano’s ADA fell by 5.78% on Monday, reversing Sunday’s 4.1% gain, to end the day at $0.041944.
A bullish start to the day saw Cardano’s ADA rise to an intraday high $0.044919 before succumbing to pressure from the broader market, the day’s high coming up short of the first major resistance level at $0.0458.
Tracking the broader market Cardano’s ADA slid through the first major support level at $0.0422 to an intraday low $0.041104, Cardano’s ADA managing to steer clear of sub-$0.04 levels and the second major support level at $0.0399 on the day.
The extended bearish trend formed at early May’s swing hi $0.38845, remained intact in spite of last week’s 52.6% rally, with Cardano’s ADA continuing 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 0.23% to $0.041846, moves through the early morning seeing Cardano’s ADA recover from an early morning low $0.041074 to strike a morning high $0.042270 before easing back to $0.041 levels, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high to $0.043 levels would support a run at $0.044 levels to bring the first major resistance level at $0.0442 into play before any pullback, Monday’s 0.044919 high likely to pin Cardano’s ADA back from a breakout to $0.046 levels and the day’s second major resistance level at $0.0465.
Failure to move back through the morning high could see Cardano’s ADA take a bigger hit later in the day, with a pullback through the morning low $0.041074 bringing the first major support level at $0.0404 into play before any recovery, sentiment across the broader market needing to materially deteriorate for Cardano’s ADA to call on sub-$0.04 support levels later in the day.
Looking at the Technical Indicators
Major Support Level: $0.0404
Major Resistance Level: $0.0442
Fib 23.6% Retracement Level: $0.1125
Fib 38% Retracement Level: $0.1652
Fib 62% Retracement Level: $0.2505
This article was originally posted on FX Empire