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Cardano’s ADA Technical Analysis – Support Levels in Play – 11/04/19

Bob Mason

Key Highlights

  • Cardano’s ADA gained 6.59% on Wednesday. Reversing a 3.84% slide from Tuesday, Cardano’s ADA ended the day at $0.08948.
  • An early morning intraday low $0.0362 saw Cardano’s ADA steer clear of the first major support level at $0.0809.
  • A late afternoon intraday high $0.09412 saw Cardano’s ADA break through the first major resistance level at $0.0873 and second major resistance level at $0.0907.
  • In spite of the day’s rally, the extended bearish trend remained intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA rose by 6.59% on Wednesday. Reversing a 3.84% slide from Tuesday, Cardano’s ADA ended the day at $0.08948.

Bullish through the day, Cardano’s ADA rallied to a late afternoon intraday high $0.09412 before easing back.

Cardano’s ADA broke through the first major resistance level at $0.0873 and second major resistance level at $0.0907. In spite of a late pullback, Cardano’s ADA held above the first major resistance level by the day’s end.

A start of a day intraday low $0.08362 saw Cardano’s ADA hold well above the first major support level at $0.0809.

In spite of the 7 consecutive weeks in the green and the latest surge, the extended bearish trend remained firmly intact. Cardano’s ADA continued 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 by 4.84% to $0.08514. Tracking the broader market, Cardano’s ADA fell from a morning high $0.09055 to a low $0.08008 before finding support.

Falling short of the major resistance levels, Cardano’s ADA slid through the first major support level at $0.0840. Avoiding sub-$0.080 levels was key early in the day.

For the day ahead

A move through to $0.089 levels would signal a 2nd half of a day recovery. Support from the broader market would be needed, however, for Cardano’s ADA to break back through to $0.090 levels. Barring a broad-based crypto rebound, Cardano’s ADA would likely fall well short of the first major resistance level at $0.0945.

Failure to move through to $0.089 levels could see Cardano’s ADA fall back through the first major support level at $0.0840. A second pullback would bring $0.070 levels into play before any recovery. Barring a broader sell-off, however, we would expect Cardano’s ADA to steer clear of sub-$0.070 levels. The second major support level at $0.0786 would likely limit the downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.0840

Major Resistance Level: $0.0945

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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