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June 12, 2023Cardano posts light gains on a low-volatility day, ranging between $0.267 – $0.281 and is now at $0.279.
Cardano made an initial breakout above its 3 day Simple Moving Average at $0.275, a potential indicator of a newly emerging bullish phase. ADA's lower Bollinger Band® is at $0.263, indicating that the market is oversold and fertile for new buyers. Cardano broke through the $0.28 resistance and climbed above it 1 cents; next resistance level is at $0.285.
ADA continues to move higher with technical analysis indicating the trend will continue in the short term.
Other markets are also showing gains as FTX Token gained 9.54% and is now trading at $1.36.
At the same time, Binance Coin closed at $225.02 (down 4.35%). EOS slips 2.53% to trade around $0.667.
9 months ago Cardano reached a significant high of $0.57 but has consequently lost 52.21% since then. ADA is currently trading with a market cap of 9.74 billion with an average daily volume of 283.65 million.
