Cardano posts light gains on a low-volatility day, ranging between $0.343 – $0.363 and is now at $0.351.
Despite posting gains so far today, Cardano slid below its 5 day Simple Moving Average at $0.34 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.378, thereby suggesting that Cardano is becoming overvalued. Although Cardano is appreciating today after rising as high as $0.363, price action is now slowing and consolidating around 1 cents below the $0.361 resistance level.
Technical analysis of Cardano price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as FTX Token is up 9.54%.
Meanwhile, Dogecoin is down to $0.084, losing $0.002, after closing at $0.086 in the preceding trading session. EOS closed at $1.04 (down 2.44%).
Cardano has gained 40.49% since its lowest print of $0.244 earlier this year. ADA has a market cap of 12.11 billion with an average daily volume of 73.63 million.