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June 11, 2023
After closing Friday at $0.275, Cardano dropped to $0.264 today, hitting its lowest point in 5 months during today's session. It later recovered $0.001 and is now trading at $0.265.
As the day gets underway, chart analysis suggests the nearest support level is at $0.233, to be followed by $0.2. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates Cardano is in strong oversold condition. Asset volatility analysis shows that Cardano's lower Bollinger Band® is at $0.265, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Cardano is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, EOS closed at $0.687 (down 1.34%). Binance Coin is down to $236.94, losing $1.83, after closing at $238.77 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token soars 9.54% to trade around $1.36.
Having set a significant high of $0.57 9 months ago, Cardano is trading 51.68% lower. Cardano has a market cap of 9.24 billion with an average daily volume of 263.94 million.
