ADA drops $0.015 early on and steadies around the $0.436 level.
Cardano made an initial break below its 5 day Simple Moving Average at $0.444, a possible indication of a forthcoming negative trend. Cardano's upper Bollinger Band® is at $0.457 which indicates a further downward move may follow. Despite this, Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.445. 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, Bitcoin is trading around $29,382 (down $917.97). EOS slumps 2.86% to trade around $1.2.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Cardano has managed to gain 81.29% so far this year despite trading at lows around $0.244 previously. Cardano has a market cap of 15.18 billion with an average daily volume of 392.55 million.