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

Bob Mason

Key Highlights

  • Cardano’s ADA fell by 1.35% on Thursday. Following on from a 0.43% decline on Wednesday, Cardano’s ADA ended the day at $0.082106
  • An early morning intraday high $0.085013 saw Cardano’s ADA come up against the first major resistance level at $0.0850 before hitting reverse.
  • A late afternoon intraday low $0.081919 saw Cardano’s ADA steer clear of the first major support level at $0.08170.
  • The extended bearish trend remained intact on the day. Cardano’s ADA continued to fall well 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 fell by 1.35% on Thursday. Following on from a 0.43% decline on Wednesday, Cardano’s ADA ended the day at $0.082106.

A bullish start to the day saw Cardano’s ADA strike an early morning intraday high $0.085013 before hitting reverse.

Coming up against the first major resistance level at $0.0850, Cardano’s ADA fell to a late afternoon intraday low $0.080934 before finding support. Relatively range-bound late in the day, Cardano’s ADA failed to hold onto $0.083 levels late in the day.

In spite of the 7 consecutive weeks in the green out of 8, the extended bearish trend remained firmly intact. Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1125, following 7 th December’s new swing lo $0.02724.

At the time of writing, Cardano’s ADA was down .2.97% to $0.07967. Tracking the broader market in the early hours, Cardano’s ADA slid from a morning high $0.082065 to a low $0.078189 before finding support.

Steering clear of the major resistance levels, Cardano’s ADA slide through the first major support level at $0.0802 and second major support level at $0.0783.

For the day ahead

A move back through the first major support level at $0.0802 to $0.082 levels would signal a rebound in the day. Support from the broader market would be needed, however, for Cardano’s ADA to take a run at the first major resistance level at $0.0843.

Barring a broad-based crypto rebound, Cardano’s ADA will likely fall short of a recovery to $0.082 levels on the day.

Failure to move back through to $0.080 levels could see Cardano’s ADA take another hit later in the day. A slide back through the second major support level at $0.0783 could bring 0.075 levels into play before any recovery.

Barring a crypto meltdown, Cardano’s ADA will likely steer clear of the third major support level at $0.0742 on the day.

Looking at the Technical Indicators

Major Support Level: $0.0802

Major Resistance Level: $0.0843

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

This article was originally posted on FX Empire

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