ADA weakened earlier in the day, before moving away from its $0.386 low and recovering back to $0.386.
Despite being in the red so far in the current trading session, Cardano peaked above its 5 day Simple Moving Average around $0.398 — typically an early indicator of a new bullish trend beginning to emerge. ADA's lower Bollinger Band® is at $0.359, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. ADA could begin to recover as it approaches significant support, now 1 cents away from $0.38. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that Cardano (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Ethereum slips 1.08% to trade around $1,842. TRON is trading around $0.066 (down $0.001).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
ADA has fallen back around 56.62% from the significant high of $0.897 set 11 months ago. ADA has a market cap of 13.44 billion with an average daily volume of 378.66 million.