ADA is grinding lower from $0.368 to $0.35, shedding $0.018 (5%) today.
Cardano made an initial break below its 3 day Simple Moving Average at $0.365, a possible indication of a forthcoming negative trend. On the other hand, note that Cardano's lower Bollinger Band® is at $0.336, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Cardano could begin to recover as it approaches significant support, now 2 cents away from $0.327. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for ADA.
In the meantime, negative performances are also seen in other markets, FTX Token falls 18.51% to trade around $2.86. Dogecoin is trading around $0.083 (down $0.007). Binance Coin is down $18.05 from the beginning of the session and now trades around $285.38.
Having set a significant high of $2.09 2 days ago, ADA is trading 16.12% lower. ADA has a market cap of 12 billion with an average daily volume of 115.32 million.