Cardano’s ADA Technical Analysis – Resistance Levels in Play – 26/06/19

Bob Mason
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Key Highlights

  • Cardano’s ADA fell by 2.24% on Tuesday. Reversing a 0.90% gain from Monday, Cardano’s ADA ended the day at $0.09577.

  • A start of a day intraday high $0.09906 saw Cardano’s ADA fall short of the first major resistance level at $0.10060.

  • A mid-morning intraday low $0.090413 saw Cardano’s ADA fall through the first major support level at $0.0942.

  • The extended bearish trend remained intact. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA fell by 2.24% on Tuesday. Reversing a 0.90% gain from Monday, Cardano’s ADA ended the day at $0.09577.

Bearish through the morning, Cardano’s ADA fell from an early intraday high $0.9906 to a mid-day intraday low $0.09041.

Steering clear of the first major resistance level at $0.1006, Cardano’s ADA slid through the first major support level at $0.0942.

Finding support from the broader market through the afternoon, Cardano’s ADA recovered to $0.096 levels late in the day.

The extended bearish trend remained firmly intact in spite of 5 weeks in the green out of the last 7. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following 7th December’s new swing lo $0.02724.

For the bulls, Cardano’s ADA would need to break out from the 23.6% FIB to $0.16 levels to form a bullish trend.

At the time of writing, Cardano’s ADA was up by 1.21% to $0.09694. A particularly choppy start to the day saw Cardano’s ADA rally to a morning high $0.10887 before hitting reverse.

Cardano’s ADA broke through the first major resistance level at $0.0998 and second major resistance level at $0.1037 before sliding to a low $0.0935.

In spite of the pullback, Cardano’s ADA managed to steer clear of the first major support level early on in the day.

For the day ahead

A move back through the first major resistance level at $0.0998 to $0.10 levels would support another run at $0.11 levels later in the day.

Cardano’s ADA would need support from the broader market, however, to break out from the second major resistance level at $0.1037.

In the event of a breakout, the third major resistance level at $0.1124 and 23.6% FIB of $0.1125 would cap the upside on the day.

Failure to move back through the first major resistance level could see Cardano’s ADA hit reverse. A pullback through $0.0950 would bring the first major support level at $0.0911 into play before any recovery.

Barring a broad-based crypto reversal, Cardano’s ADA would likely steer clear of sub-$0.90 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.09980

Major Resistance Level: $0.09110

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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