Although ADA ended today strong and rose from $0.403 to $0.414, it dropped back today and is now priced at $0.4.
Cardano is oscillating around the $0.4 level serving as support. Despite being in the red so far in the current trading session, Cardano peaked above its 21 day Simple Moving Average around $0.411 — typically an early indicator of a new bullish trend beginning to emerge. Cardano's lower Bollinger Band® is at $0.369, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, price action remains constrained around the key Fibonacci level of $0.4 currently serving as support. If price action breaks below, the next Fib hurdle is $0.382.
Despite suffering losses in today's session, technical analysis is indicating that Cardano will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, Litecoin is trading around $88.8 (down $2.28).
Positive performances can be seen by looking at other markets as FTX Token added 9.54% to its value, now trading at $1.36. Binance Coin is up 4.89%.
ADA has fallen back around 55.11% from the significant high of $0.897 set 11 months ago. Cardano is currently trading with a market cap of 13.86 billion with an average daily volume of 385 million.