| 
April 27, 2023
Cardano is on a bit of a rollercoaster today: spiking to $0.412 only to drop back to $0.4, now rallying again to $0.406.
Cardano made an initial breakout above its 21 day Simple Moving Average at $0.407, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $0.409 currently serving as resistance. If broken, the next Fib hurdle is expected to be $0.417. Despite this, Cardano price action is currently oscillating around the $0.411 resistance level with prices moving above and below several times during the session.
Overall, looking at the technical analysis landscape, it seems ADA might continue pointing upwards in the short term.
Other markets are also showing gains as FTX Token surges 9.54% to trade around $1.36. Cosmos USD is up 5.13%. Bitcoin gained 1.77% and is currently trading at $28,928.
11 months ago Cardano reached a significant high of $0.897 but has consequently lost 55.19% since then. ADA has a market cap of 14.14 billion with an average daily volume of 377.76 million.
