Cardano’s ADA Technical Analysis – Support Levels in Play – 24/08/18

Cardano’s ADA joins the broader market in the red in the early hours, with investors struggling to shake the week’s trend of loss and gains

Key Highlights

  • Cardano’s ADA gained 2.16% on Thursday, partially reversing Wednesday’s 4.54% slide, to end the day at $0.09255.
  • An early morning pullback to an intraday low $0.08817 saw Cardano’s ADA hold above the day’s first major support level at $0.0848.
  • A second half of a day move, saw Cardano’s ADA move back through to $0.90 levels, with an intraday high $0.094, the day’s high falling short of the first major resistance level at $0.0987.
  • The gains left Cardano’s ADA down 8.46% for the current week, the extended bearish trend firmly intact.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA gained 2.16% on Thursday, partially reversing Wednesday’s 4.54% relief rally, to end the day at $0.09255.

A pullback at the start of the day saw Cardano’s ADA fall from $0.091322 to a mid-morning intraday low $0.08817, before recovering through to $0.09 levels in the early afternoon, the day’s low holding above the day’s first major support level at $0.0848.

Tracking the broader market, an afternoon move saw Cardano’s ADA hit an intraday high $0.094, falling short of the day’s first major resistance level at $0.0987 and $0.1 levels.

The extended bearish trend, formed at late April’s swing hi $0.38845, remained firmly intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.2005.

At the time of writing, Cardano’s ADA was down 1.09% to $0.091, with Cardano’s ADA pulling back from a start of a day morning high $0.09255 to an early morning low $0.090624 before steadying at $0.091 levels, Cardano’s ADA tracking the broader cryptomarket in the early hours.

The moves through the morning saw Cardano’s ADA steer clear of the first major resistance level at $0.095 and first major support level at $0.0891, as the markets consider which way the SEC will go on its review of Thursday’s Bitcoin ETF rejections.

For the day ahead, a move back through the morning high $0.09255 would support a run at $0.93 levels to bring the day’s first major resistance level at $0.095 into play, though for Cardano’s ADA to break through to $0.095 levels, sentiment across the broader market will need to improve, Bitcoin likely to be the market barometer on the day.

Failure to move back through the morning high to $0.093 levels could see Cardano’s ADA take a bigger hit later in the day, with a pullback through the morning low $0.090624 bringing sub-$0.09 levels and the day’s first major support level at $0.0891 into play, the day’s second major support level at $0.0857 in play should the markets get hit with negative news from the SEC later in the day.

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