04 Feb Cardano (ADA) Daily Analysis, February 4, 2018: Trades Inside Range
- Cardano dropped 10.52% on Sunday morning to trade at $0.4386, as the majority of cryptocurrencies managed to hold on to intraday gains by the close.
- Cardano finished the previous week on a downward trajectory, recovering from the previous week’s closing $0.418.
- There was a strong resistance at $0.52 levels through the previous week, which held Cardano back from testing $0.56 resistance levels.
- Cardano tested the $0.30 and bounced back following to hit the $0.52. Currently, Cardano trades inside the range.
Cardano Price Resistance
Following a weekly closing at $0.413, Cardano managed to avoid testing support levels through the day, with a move through to $0.488 levels allowing Cardano to partially recover the lost ground from the week.
Cardano managed to move above the 50.0% Fib retracement level of the last drop from $0.5207 high to $0.2973 low, though there was plenty of resistance through the day, with the pair failing to test to hold above 78.6% $0.47 through the day.
The chart below shows how the Cardano continues to trade in a bearish sentiment along with other cryptocurrencies although, for the day, Cardano managed to stay in a positive territory with the pair up 6.54% to $0.474 at the time of writing.
With Cardano having fallen through the first support level of $0.435, the next major support level sits at $0.409, with today’s first resistance level of $0.473 some way off and unlikely to be tested through the day, barring a retracement back through the Fib 78.6% retracement level through the middle part of the day.
While the general sentiment towards the cryptocurrencies remains negative and Bitcoin is trading below $10,000, ranges are likely to continue moving lower, as the markets fret over what lies ahead from a regulatory standpoint, with the SEC now looking to move ahead and introduce regulations in order to reign in fraudulent activity that has hit the market through the start of the year.
Major Support Level: $0.409
Major Resistance Level: $0.435
Fib 50.% Retracement Level: $0.4094
Fib 38% Retracement Level: $0.3829
Fib 62% Retracement Level: $0.435
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