Cardano trades at $0.408 after gaining $0.008 (1.69%).
Cardano price action is currently oscillating around the $0.407 resistance level with prices moving above and below several times during the session. Although up today, early price action saw Cardano dropping below its 5 day Simple Moving Average at $0.4 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.424, thereby suggesting that ADA is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates ADA is set for a reversal in the coming days.
Cardano shows positive signs, other assets are also on par: Bitcoin Cash gained 7.2% and is now trading at $146.23. FTX Token gained 9.54% and is currently trading at $1.36. Ripple is up 4.24%.
Cardano has gained 61.93% since its lowest print of $0.244 earlier this year. ADA is currently trading with a market cap of 14.14 billion with an average daily volume of 221.72 million.