Cardano is rallying again to $0.395 (up $0.01), after erasing earlier gains.
Cardano made an initial breakout above its 10 day Simple Moving Average at $0.395, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $0.387 by around $0.009 with prices hammering out a $0.385 – $0.4 session range. On the other hand, note that Cardano could be slowing down soon; it is getting close to the resistance line and is now at $0.404, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Cardano to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Cardano is expected to pick up significant bullish sentiment in the coming days.
Cardano shows positive signs, other assets are also on par: MaticNetwork USD surges 9.11% to trade around $0.952. Having closed the previous session at $7.42, Chainlink USD is up 6.41% today to currently trade at around $7.9. Having closed the previous session at $0.362, Algorand USD is up 5.43% today to currently trade at around $0.381.
Cardano reached a significant high of $2.27 around 11 months ago but has lost 83.05% since then. ADA has a market cap of 13.58 billion with an average daily volume of 85 million.