Struggling to find upward momentum, Cardano has shed $0.006 to currently trade at $0.358 as it ranges between $0.358 and $0.365 so far today.
Cardano made an initial break below its 3 day Simple Moving Average at $0.362, a possible indication of a forthcoming negative trend. In contrast, Cardano's lower Bollinger Band® is at $0.353, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Cardano could begin to recover as it approaches significant support, now 2 cents away from $0.359. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Cardano.
In the meantime, negative performances are also seen in other markets, Binance Coin closed at $299.69 (down 4.08%). Solana is down to $20.84, losing $0.633, after closing at $21.48 in the preceding trading session.
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.
Having set a significant high of $1.21 10 months ago, ADA is trading 69.96% lower. ADA has a market cap of 12.41 billion with an average daily volume of 105.16 million.