ADA weakened earlier in the day, before moving away from its $0.371 low and recovering back to $0.378.
Cardano made an initial break below its 5 day Simple Moving Average at $0.37, a possible indication of a forthcoming negative trend. Cardano's upper Bollinger Band® is at $0.395 which indicates a further downward move may follow. On the other hand, note that Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.373. Dipping below could be an indication that further losses are ahead.
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 Cardano is expected to attract significant bearish sentiment in the coming days.
Other assets are showing positive performances as UNICORN Token USD skyrockets 2,621,427% to trade around $6.7. FTX Token is up 9.54%. TRON gained 3.18% and is currently trading at $0.064.
Cardano has managed to gain 52.74% so far this year despite trading at lows around $0.244 previously. Cardano has a market cap of 13 billion with an average daily volume of 94.65 million.