Key Highlights
- Cardano’s ADA slid by 8.07% on Thursday. Following on from a 1.9% fall from Wednesday, Cardano’s ADA ended the day at $0.08394.
- An early afternoon intraday high $0.098049 saw Cardano’s ADA break through the first major resistance level at $0.0957 to come up against the second major resistance level at $0.1001.
- A late in the day intraday low $0.07813 saw Cardano’s ADA fall through the first major support level at $0.0862 and second major support level at $0.0812.
- The extended bearish trend remained intact. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125.
Cardano’s ADA Price Support
Cardano’s ADA tumbled by 8.07% on Thursday. Following on from a 1.9% fall from Wednesday, Cardano’s ADA ended the day at $0.8394.
Bullish through the morning, Cardano’s ADA rallied from a morning low $0.089751 to an early afternoon intraday high $0.098049.
Steering clear of the support levels early on, Cardano’s ADA broke through the first major resistance level at $0.0957 to come within range of the second major resistance level at $0.1001.
A broad-based cryptomarket sell-off reversed the gains from the day, with Cardano’s ADA sliding to a late intraday low $0.078129.
The late sell-off saw Cardano’s ADA slide through the first major support level at $0.0862 and second major support level at $0.0812.
For the bulls, the extended bearish trend remained firmly intact in spite of a recovery from 4 consecutive weeks in the red through April. Cardano’s ADA continued to fall 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 up by 0.13% to $0.084047. A mixed start to the day saw Cardano’s ADA rise to a morning high $0.086180 before falling to a low $0.082944.
Cardano’s ADA left the major support and resistance levels untested in a relatively range-bound start to the day.
For the day ahead
A move back through the morning high $0.086180 to $0.08680 levels would support upward momentum through the day.
Cardano’s ADA would need support from the broader market, however, to take a run at the first major resistance level at $0.0953.
In the event of a month-end crypto rally, Cardano’s ADA could break out from $0.095 levels to take a run on Thursday’s high $0.09805.
Barring a broad-based crypto rally, however, Cardano’s ADA will likely fall short of the first major resistance level at $0.0953.
Failure to move through the morning high $0.086180 could see Cardano’s ADA hit reverse on the day. A pullback through the morning low $0.082994 to $0.0810 levels could bring sub-$0.080 levels into play.
Barring another crypto meltdown, however, Cardano’s ADA will likely steer well clear of the first major support level at $0.0754.
Looking at the Technical Indicators
Major Support Level: $0.0754
Major Resistance Level: $0.0953
23.6% FIB Retracement Level: $0.1125
38.2% FIB Retracement Level: $0.1652
62% FIB Retracement Level: $0.2505
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Thanks, Bob