Cardano’s ADA Analysis – Support Levels in Play – 24/04/19

The bears continue to peg back any upside. A move back through $0.080 levels would ease some of the pain…
Cardano Crypto Currency Market

Cardano’s ADA Price Support

It’s been a particularly choppy start to the week for Cardano’s ADA. The latest swings come off the back of a 12.9 slide last week, which followed on from a 6.3% fall in the week prior.

A bullish start to the week saw Cardano’s ADA rally by 6.22% to reverse most of last week’s losses before hitting reverse. Outperforming the rest of the top 10 cryptos on Monday, a broad-based reversal on Tuesday weighed heavily.

The reversal saw Cardano’s ADA slide by 5.73% to $0.074262, wiping out most of Monday’s gains to resume the recent reversal that has been ongoing since a 3rd April high $0.103722.

Moves through the early part of the week saw Cardano’s ADA rise to a current week high $0.083694 on Tuesday.

Cardano’s ADA broke through the week’s first major resistance level at $0.08310 before sliding to a Tuesday low $0.071654.

In spite of the Tuesday sell-off, Cardano’s ADA steered clear of the week’s first major support level at $0.0685.

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

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 77% year-to-date to the end of Tuesday.

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 0.11% to $0.074183.

[fx-image src=https://www.tradingview.com/x/Ki7aSR5m/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/Ki7aSR5m/]

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For the remainder of the week

A move back through $0.0770 levels would support a return to $0.080 levels later ahead of the weekend.

Support from the broader market would be needed, however, for Cardano’s ADA to take a run at the first major resistance level at $0.0831.

Following 3rd April’s high, a lack of a broad-based crypto rally would likely see Cardano’s ADA struggle at $0.080 levels.

In the event of a rebound, a breakthrough the first major resistance level would bring $0.090 levels into play going into the weekend.

Failure to move through to $0.0770 levels could see Cardano’s ADA struggle through the week. A pullback through the current week low $0.071654 would bring sub-$0.070 levels into play.

Barring a crypto meltdown, however, the first major support level at $0.0685 would likely limit the downside in the week.

In the event of a broad-based sell-off, Cardano’s ADA would likely steer clear of sub-$0.060 levels. The second major support level at $0.0628 would provide the necessary support.

Looking at the Technical Indicators

Major Support Level: $0.0685

Major Resistance Level: $0.0831

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

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