After closing at $0.389 today, Cardano opened today at $0.389, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Cardano retains a distinct $0.383 to $0.394 daily range.
Cardano made an initial break below its 200 day Simple Moving Average at $0.383, a possible indication of a forthcoming negative trend. On the other hand, note that Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.379. Dipping below could be an indication that further losses are ahead.
In the short term, ADA is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is trading around $6.43 (down $0.197).
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Chainlink USD is up 4.06%.
A month ago, Cardano fell to a low of $0.244 but has since recovered 59.57%. Cardano has a market cap of 13.43 billion with an average daily volume of 245.59 million.