Struggling to find upward momentum, Cardano has shed $0.009 to currently trade at $0.328 as it ranges between $0.326 and $0.344 so far today.
Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.329. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Cardano peaked above its 5 day Simple Moving Average around $0.345 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $0.307, a low enough level to, generally, suggest that Cardano is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems ADA —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $1.84, FTX Token lost $0.266 and is trading around $1.58. After ending today's session at $0.389, Ripple lost $0.018 and is trading around $0.371. Ethereum is trading around $1,208 (down $44.43).
Approximately 11 months ago, Cardano reached a significant high of $1.92 but has struggled to hold onto its gains and declined 82.45% since then. ADA has a market cap of 11.29 billion with an average daily volume of 115.32 million.