After closing at $0.4 today, Cardano opened today at $0.4, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Cardano retains a distinct $0.397 to $0.402 daily range.
Cardano's upper Bollinger Band® is at $0.411 which indicates a further downward move may follow. In contrast, Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.387. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems ADA is likely to start pointing downward in the short term.
Positive performances can be seen by looking at other markets as UNICORN Token USD skyrockets 2,679,300% to trade around $6.92. FTX Token soars 9.54% to trade around $1.36. Having closed the previous session at $2.49, NEAR Protocol is up 4% today to currently trade at around $2.59.
This year has been a bright one for Cardano after trading as low as $0.244 and going on to appreciate by 59.36% year to date. Cardano has a market cap of 13.77 billion with an average daily volume of 82.79 million.