Cardano’s ADA Technical Analysis – Testing Support – 03/09/18

Cardano’s ADA test support levels early as a broad based cryptomarket sell-off weighs, a slide to sub-$0.10 levels on the cards.

Key Highlights

• Cardano’s ADA fell by 2.05% on Sunday, partially reversing Saturday’s 4.71% rise, to end the day at $0.10471.
• A morning intraday high $0.10757 saw Cardano’s ADA fall short of the day’s first major resistance level at $0.1111.
• An early afternoon intraday low $0.102 called on support at the day’s first major resistance level at $0.102 to hold off from sub-$0.10 levels.
• The moves through the weekend led to a 16.3% gain for the week, while the extended bearish trend remained firmly intact.

Cardano’s ADA Price Support

Cardano’s ADA slipped by 2.05% on Sunday, partially reversing Saturday’s 4.71% gain, to end the week up 16.3% at $0.10471.

Tracking the broader market through the morning, Cardano’s ADA recovered from a start of a day pullback to a late morning intraday high $0.10757 before hitting reverse, the day’s high falling short of the first major resistance level at $0.1111 and, more importantly, the 23.6% FIB Retracement Level of $0.1561.

The late morning pullback saw Cardano’s ADA fall to an early afternoon intraday low $0.102, calling on support at the day’s first major support level at $0.102 before moving back through to $0.104 levels by the day’s end, with negative sentiment across the broader market pinning Cardano’s ADA back from a move through to $0.11 levels, last struck in mid-August.

In spite of the strong gains for the week, the extended bearish trend formed at late April’s swing hi $0.38845 remained firmly intact, with Cardano’s ADA needing to break through the 23.6% FIB Retracement Level of $0.1561 to $0.20 levels and the 38.2% FIB Retracement Level of $0.2005 to support a bearish trend reversal.

At the time of writing, Cardano’s ADA was down 1.06% to $0.1036, with a reversal across the broader market weighing in the early hours, Cardano’s ADA falling from a start of a day morning high $0.10565 to an early morning low $0.103, to come within reach of the day’s first major support level at $0.102, the day’s first major resistance level at $0.1075 left untested.

For the day ahead, a move back through to $0.1048 would support a move through the morning high $0.10565 to bring the day’s first major resistance level at $0.1075 into play, while we can expect Cardano’s ADA to struggle to break through to $0.11 levels in the event of a second half of a day rebound.

Failure to move back through and hold above $0.1048 through the morning could see Cardano’s ADA pullback through the first major support level at $0.102 to sub-$0.10 levels, with the day’s second major support level at $0.0992 in play should investor sentiment fail to improve and Cardano’s ADA slide through the first major support level amidst the current cryptomarket sell-off.

Looking at the Technical Indicators

Major Support Level: $0.1020

Major Resistance Level: $0.1075

Fib 23.6% Retracement Level: $0.1561

Fib 38% Retracement Level: $0.2005

Fib 62% Retracement Level: $0.2723

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