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Cardano’s ADA Technical Analysis – On the Back Foot Again – 06/12/18

Bob Mason

Key Highlights

  • Cardano’s ADA tumbled by 8.76% on Wednesday, following a 2.2% decline on Tuesday, to end the day at $0.03448.
  • A start of a day intraday high $0.03795 came up short of the first major resistance level at $0.0401.
  • Bearish through the day, Cardano’s ADA fell through the first major support level at $0.0361 and second major support level at $0.0345 to an intraday low $0.03397.
  • The extended bearish trend was reaffirmed following a 3rd consecutive day of heavy losses, with Cardano’s ADA also continuing to fall well short of the 23.6% FIB Retracement Level of $0.1169.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA slid by 8.76% on Wednesday, following a 2.2% fall on Tuesday, to end the day at $0.03448.

A bearish start to the day saw Cardano’s ADA fall from an intraday high $0.03795 to a mid-morning low $0.0359, calling on support at the first major support level at $0.0361 to move back through to 0.037 levels by the middle of the day.

Negative sentiment across the broader market ultimately weighed, with Cardano’s ADA sliding back through the first major support level at $0.0361 and through the second major support level at $0.0345 to an intraday low $0.03397 before recovering through to $0.034 levels.

For the crypto bulls, Cardano’s ADA being pinned back at the second major support level at $0.0345 will have been a concern going into Thursday.

Three consecutive days in the red for the week, following 25th November’s new swing lo $0.03307 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 $0.1169.

At the time of writing, Cardano’s ADA was down 0.5% to $0.03431, moves through the early morning seeing Cardano’s ADA rise to a morning high $0.03512 before hitting reverse to fall to a morning low $0.03371, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high to $0.0355 would signal a possible rebound to bring the day’s first major resistance level at $0.037 into play before any pullback, $0.039 levels and the day’s second major resistance level at $0.0394 likely to be left untested through the day.

Failure to move back through $0.035 levels to $0.0355 could see Cardano’s ADA pullback deeper into the red later in the day, with a fall through the morning low $0.03371 likely to see Cardano’s ADA slide through the first major support level at $0.0330 to $0.032 levels before any recovery, the day’s second major support level at $0.0315 unlikely to be tested, barring materially negative news hitting the wires.

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Looking at the Technical Indicators

Major Support Level: $0.0330

Major Resistance Level: $0.0370

Fib 23.6% Retracement Level: $0.1169

Fib 38% Retracement Level: $0.1688

Fib 62% Retracement Level: $0.2527

This article was originally posted on FX Empire

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