ADA cryptocurrency trades up $0.004, approximately 0.95% higher this afternoon

Small gain for ADA at $0.388 after ranging between $0.381 and $0.39 today.

With regards to technical trend indicators, chart analysis show that Cardano made an initial breakout above its 10 day Simple Moving Average at $0.387, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.405, thereby suggesting that Cardano is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that Cardano broke through the $0.386 resistance and climbed above it 1 cents; next resistance level is at $0.389.

All in all, the technical analysis suggests ADA has no clear-cut direction.

Other markets are also showing gains as FTX Token is up 9.54%.

Meanwhile, Ripple closed at $0.507 (down 1.16%). NEAR Protocol closed at $2 (down 1.73%).

ADA reached a significant high of $1.04 around 11 months ago but has lost 63.23% since then. Cardano has a market cap of 13.47 billion with an average daily volume of 388.41 million.