Cardano weakened earlier in the day, before moving away from its $0.315 low and recovering back to $0.318.
Cardano is currently flirting with an active Fibonacci support level around $0.317. ADA's upper Bollinger Band® is at $0.34 which indicates a further downward move may follow. On the other hand, note that although ADA is pointing down today (was as low as $0.315), it's climbing away from the $0.311 support line and is now 1 cents above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts ADA to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the ADA is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Dogecoin closed at $0.105 (down 2.64%). Litecoin closed at $77.35 (down 2.4%). Ripple closed at $0.4 (down 1.74%).
Cardano is now trading 81.38% below the significant high of $1.72 it set around 11 months ago. ADA is currently trading with a market cap of 10.94 billion with an average daily volume of 65.13 million.