ADA went up to $0.318 only to drop back some of the way and is now trading at $0.314.
Cardano made an initial breakout above its 10 day Simple Moving Average at $0.314, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $0.317 currently serving as resistance Cardano's lower Bollinger Band® is at $0.297, indicating that the market is oversold and fertile for new buyers. In contrast, Cardano broke through the $0.314 resistance and climbed 1 cents above it.
Overall, looking at the technical analysis landscape, it seems Cardano might continue pointing upwards in the short term.
Cardano shows positive signs, other assets are also on par: Dogecoin increases 4.75% to trade around $0.107. Ethereum rises 4.18% to trade around $1,268.69. Bitcoin is up 2.54%.
ADA reached a significant high of $1.72 around 11 months ago but has lost 81.95% since then. Cardano is currently trading with a market cap of 10.82 billion with an average daily volume of 71.11 million.