ADA cryptocurrency trades up $0.008, approximately 2.92% higher going into tomorrow

After closing the previous trading day at $0.267, Cardano tested the upside around $0.278 today before settling back around $0.275 as bullish sentiment faded.

Cardano made an initial breakout above its 21 day Simple Moving Average at $0.276, a potential indicator of a newly emerging bullish phase. Despite this, ADA could be slowing down soon; it is getting close to the resistance line and is now at $0.28, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Cardano to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Cardano is expected to pick up significant bullish sentiment in the coming days.

Cardano shows positive signs, other assets are also on par: Bitcoin Cash is up 9.4%. Solana is up 10.59%. FTX Token added 9.54% to its value, now trading at $1.36.

ADA has shed 29.89% over the past three months. Cardano has a market cap of 9.61 billion with an average daily volume of 319.25 million.