Cardano is grinding lower from $0.322 to $0.315, shedding $0.007 (2.1%) today.
Japanese candlestick formations show a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates ADA is currently 'overbought' which suggests new gains will be harder to obtain. Analysis based on the asset volatility indicates that ADA's upper Bollinger Band® is at $0.316 which indicates a further downward move may follow. As the day gets underway, chart analysis suggests Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.308. Dipping below could be an indication that further losses are ahead.
Notwithstanding ADA's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, FTX Token draws back 2.43% to trade around $1.21. Dogecoin closed at $0.077 (down 1.14%). NEAR Protocol descends 2.04% to trade around $1.61.
This year has been a bright one for Cardano after trading as low as $0.244 and going on to appreciate by 25.82% year to date. Cardano has a market cap of 10.88 billion with an average daily volume of 50.94 million.