Cardano’s ADA Analysis – Support Levels in Play – 01/05/19

It’s another testy week for Cardano’s ADA. Tuesday’s rally provided some much-needed support, but it remains to be seen whether Cardano’s ADA can hold on.
Cardano Crypto Currency Market

Cardano’s ADA Price Support

It’s been another choppy start to the week for Cardano’s ADA. The moves through the early part of the week come off the back of a 4.12% fall in the week ending 28th April.

Last week’s pullback marked a 3rd consecutive week in the red for Cardano’s ADA, with a 12.9% slide in the week ending 21st April doing most of the damage.

A bearish start to the week saw Cardano’s ADA fall by 4.22% on Monday. The reversal saw Cardano’s ADA fall to a current week low $0.06567 before finding support. Holding above the week’s first major support level at $0.0633, Cardano’s ADA rallied to a Tuesday current week high $0.074078.

In spite of an 8.2% rebound on Tuesday, Cardano’s ADA came up short of the week’s first major resistance level at $0.0813.

For April, while a number of the crypto majors saw solid gains, it’s been a relatively bearish month. Cardano’s ADA fell by 4.02% in the month of April. The losses came in spite a particularly bullish start to the month that saw Cardano’s ADA strike a current year high $0.103722.

In spite of the pullback since the current year high $0.103722, it’s been a particularly positive start to the year. Cardano’s ADA is up 76% year-to-date to the end of Tuesday.

The extended bearish trend, formed at last May’s swing hi $0.38845, remained firmly intact, however. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following December’s swing lo $0.02724.

For the bulls, a breakout from the 23.6% FIB of $0.1125 to test the 38.2% FIB of $0.1652 would be needed to form a near-term bullish trend.

At the time of writing, Cardano’s ADA was down by 1.79% to $0.072429.

For the remainder of the week

A move back through $0.0735 levels would support a run at the current week’s high $0.074816, struck early this morning.

Support from the broader market would be needed, however, for Cardano’s ADA to take a run at the week’s first major resistance level at $0.0813.

Barring a broad-based crypto rebound, Cardano’s ADA would likely fail to return to $0.080 levels.

In the event of a broad-based rebound, $0.086 levels could come into play before any pullback. However, Cardano’s ADA will likely come up short of $0.090 levels.

Failure to move through to $0.0735 levels could give Cardano’s ADA a 4th consecutive week in the red.

A fall through the current week low $0.06727 would bring the week’s first major support level at $0.0633 into play.

Barring a broad-based crypto sell-off, Cardano’s ADA would likely steer clear of sub-$0.06 levels in the week.

Looking at the Technical Indicators

Major Support Level: $0.0633

Major Resistance Level: $0.0813

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

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