As the current session draws to a close, Cardano remains in the $0.3 – $0.314 range after dropping 2.08%.
Following today's trading session, chart analysis suggests Cardano fell below the $0.309 support zone and moved 1 cents beyond it; the next level of support with significant buyer interest is estimated at $0.306. Technical analysis trend indicators suggest 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. Asset volatility analysis shows that ADA's lower Bollinger Band® is at $0.294, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests ADA is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Binance Coin is trading around $293.95 (down $14.66). Dogecoin is down to $0.095, losing $0.005, after closing at $0.1 in the preceding trading session. Solana is trading around $13.42 (down $0.7).
Approximately 11 months ago, ADA reached a significant high of $1.72 but has struggled to hold onto its gains and declined 81.76% since then. Cardano has a market cap of 10.55 billion with an average daily volume of 83.55 million.