- Cardano’s ADA slid 6.21% on Tuesday, partially reversing Monday’s 13.27% gain, to end the day at $0.2415.
- An intraday high $0.285 broke through the day’s first major resistance level of $0.2736 to test the 2nd support level of $0.2901.
- An end of the day $0.24155 low held above the 23.6% FIB Retracement Level of $0.2309 and first major support level of $0.2260, leaving support levels untested through the day.
Cardano’s ADA Price Resistance
The morning’s intraday high broke through the day’s first major resistance level of $0.2736 before facing strong resistance at the 2nd resistance level of $0.2901, with a 2nd day of negative sentiment across the broader market ultimately pinning Cardano’s ADA back from a second day of solid gains.
While Cardano’s ADA managed to hold above key support levels through the middle of the day, the late in the day sell-off seen across the broader cryptomarket weighed, with Cardano’s ADA falling in the final hours of the day to an intraday low $0.24155.
For the market bulls, the good news that supports levels were not tested, with buyer appetite at the 23.6% FIB Retracement Level of $0.2309 likely to have been on the weaker side, when considering sentiment across the broader market, which could have seen Cardano’s ADA take a big hit on the day.
Monday’s 13.27% trend-bucking rally came off the back of news that Cardano’s ADA trade pairings on Binance would be expanded to include BNB and USDT, the crypto exchanges continuing to have ultimate influence on the direction of the coins, as Ripple’s XRP investors discovered on a number of occasions.
Being added to an exchange tends to have far longer lasting effects than having additional two additional trade pairings included on an exchange.
At the time of writing, Cardano’s ADA was up 3.91% to $0.251, with the broad-based market rally of last week resuming after a number of soft days.
An intraday high $0.25329 struck in the last hour came up short of the day’s first major resistance level of $0.2638 in what had been a relatively choppy start to the day, a morning $0.24141 low coming at the start of the day being followed up with a number of pullbacks to test buyer appetite at the 23.6% FIB Retracement Level of $0.2431 through the morning.
For the day ahead, a move through the morning’s high $0.25329 to the first major resistance level of $0.2638 would support another run at Tuesday’s $0.275 high, though market sentiment will need to continue to be upbeat through the 2nd half of the day, else a reversal at the first major resistance level will be likely, which could see Cardano’s ADA pullback to the 23.6% FIB Retracement Level of $0.2431.
Bitcoin will be the barometer for market sentiment later in the day, any pullback in Bitcoin likely to be felt by Cardano’s ADA, though for now, the bullish trend formed at the 6th April $0.14 remains firmly intact, the news wires having provided little for investors to get nervous about.
Looking at the Technical Indicators
- Major Support Level: $0.2304
- Major Resistance Level: $0.2638
- Fib 23.6% Retracement Level: $0.2431
- Fib 38% Retracement Level: $0.2234
- Fib 62% Retracement Level: $0.1916