Cardano’s ADA Technical Analysis – The Big Slide – 27/03/2018

Key Highlights

• Cardano’s ADA slid 9.14% on Monday, following on from Sunday’s 2.14% fall.
• A bearish trend was formed at Wednesday’s swing hi $0.224 and has remained firmly intact through to this morning.
• Cardano’s ADA has fallen through major support levels with ease in recent days while leaving resistance levels untested.
• The continued bearish trend is supported by sharp sell-offs well before reaching any key resistance levels on any given day.

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How to Buy Cardano (ADA) The Complete Guide

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Cardano’s ADA Price Support

Cardano’s ADA saw a day of heavy losses on Monday, as investors responded to more negative news hitting the wires, with the day’s 9.14% tumble to an end of the day $0.165 one of the worst performers amongst the cryptocurrency front-runners.

Through the early part of the day, Cardano ADA’s sideways moves that followed a particularly low vol Sunday, relative to weekends past, provided little interest to investors on the sidelines. The day’s $0.18405 intraday high fell short of the first major resistance level of $0.18641 and 23.6% FIB Retracement Level of $0.1897 to really test investor sentiment in the early part of the day.

With Cardano ADA’s bearish trend having formed at Wednesday’s swing hi $0.224, Saturday’s brief rally back through to $0.20 levels is all there has been for ADA coin holders to get excited about in the last week.

Monday’s intraday low $0.15575 saw Cardano’s ADA slide through the day’s 3 support levels with relative ease, as investors jumped out on the news that had already been expected and influenced crypto prices the week prior.

The combination of Twitter’s formal announcement and the continued uncertainty of what lies ahead from a regulatory standpoint has left investors sidelined and those still holding on, particularly sensitive to any negative impact news.

Sensitivity to the news wires continues to leave the cryptos lacking support in times of material stress, as was the case for Cardano’s ADA and many of the other major cryptos on Monday.

At the time of writing, Cardano’s ADA continued to bear the brunt of the negative sentiment across the cryptomarket, down 10.24% to $0.1481, ADA’s slide being the worst of a bad bunch through the morning.

A morning low $0.1471 slipped through the day’s first major support level of $0.15248 and remains below the major support level, affirming the bearish trend that has seen Cardano’s ADA fall 34% from the swing hi $0.224 to this morning’s low.

With major resistance levels and untested in recent days, there is some wiggle room for a partial recovery, with the day’s 23.6% FIB Retracement Level sitting at a distant $0.1719.

For the day ahead, a move back through the day’s first major support level would provide an impetus for a run at $0.16 levels and test selling pressure at the 23.6% FIB Retracement Level, though breaking out beyond the day’s first major resistance level of $0.18078 may be a stretch.

Any lateral moves through the early part of the afternoon and we can expect the broader market sentiment to dictate direction through the remainder of the day. If this morning is anything to go by, a pullback to test the day’s 2^nd support level at $0.14 is certainly a high probability, as Cardano’s ADA faces yet another day of heavy declines.

Looking at the Technical Indicators

• Major Support Level: $0.1525
• Major Resistance Level: $0.1808
• Fib 23.6% Retracement Level: $0.1719
• Fib 38% Retracement Level: $0.1818
• Fib 62% Retracement Level: $0.198