After closing at $0.403 today, ADA began today at $0.403 with significant bullish sentiment driving ADA's price action higher. So far today, price action has drawn out a distinct $0.4 to $0.41 range.
Cardano made an initial breakout above its 50 day Simple Moving Average at $0.409, a potential indicator of a newly emerging bullish phase. On the other hand, note that although Cardano is appreciating today after rising as high as $0.41, price action is now slowing and consolidating around 1 cents below the $0.421 resistance level.
Overall, looking at the technical analysis landscape, it seems Cardano might continue pointing upwards in the short term.
Other markets are also showing gains as Algorand USD is up 5.4%. MaticNetwork USD is up 5.57% to $1.2. Litecoin is up 3.44%.
Approximately 11 months ago, Cardano reached a significant high of $2.27 but has struggled to hold onto its gains and declined 82.29% since then. ADA has a market cap of 13.96 billion with an average daily volume of 89.59 million.