Cardano trades at $0.259 after gaining $0.006 (2.27%).
Technical analysis of ADA's past price action reveals multiple support and resistance levels: Cardano could be slowing down soon as it approaches resistance at $0.265. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates ADA is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Cardano's lower Bollinger Band® is at $0.254, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests ADA is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as Binance Coin gained 3.69% and is currently trading at $249.5. EOS is up 4.43% to $0.887.
At the same time, FTX Token is down to $0.915, losing $0.048, after closing at $0.963 in the preceding trading session.
Over the past 11 months, ADA has retreated 84.13% from a noteworthy peak of $1.59. ADA has a market cap of 8.92 billion with an average daily volume of 43.74 million.