Cardano drops $0.005 early on and steadies around the $0.311 level.
Cardano made an initial break below its 5 day Simple Moving Average at $0.315, a possible indication of a forthcoming negative trend.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts ADA to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Cardano is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Litecoin is down to $75.04, losing $3.53, after closing at $78.57 in the preceding trading session.
Other assets are showing positive performances as having closed the previous session at $0.91, EOS is up 2.98% today to currently trade at around $0.937. Ripple rises 2.19% to trade around $0.41.
Approximately 11 months ago, Cardano reached a significant high of $1.72 but has struggled to hold onto its gains and declined 81.59% since then. Cardano is currently trading with a market cap of 10.69 billion with an average daily volume of 94.59 million.