Cardano Crypto Currency Market

Cardano’s ADA Technical Analysis – Support Levels in Play – 31/05/19

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.

How to Buy Cardano’s ADA

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.

ADA/USD 31/05/19 Weekly Chart

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

Please let us know what you think in the comments below

Thanks, Bob