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.
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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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