Cardano weakened earlier in the day, before moving away from its $0.366 low and recovering back to $0.366.
Cardano chart analysis: Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.367. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that Cardano made an initial break below its 5 day Simple Moving Average at $0.372, a possible indication of a forthcoming negative trend. According to momentum evaluation, the Relative Strength Index indicates Cardano is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Cardano's lower Bollinger band is at $0.35, 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, Ripple closed at $0.471 (down 2.12%). FTX Token decreases 1.77% to trade around $23.72. After ending today's session at $275.82, Binance Coin lost $3.6 and is trading around $272.21.
Approximately 11 months ago, ADA reached a significant high of $2.27 but has struggled to hold onto its gains and declined 83.58% since then. Cardano has a market cap of 12.54 billion with an average daily volume of 66.15 million.