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April 11, 2023
Cardano trades at $0.4 after gaining $0.003 (0.66%).
As the trading day commences, technical analysis suggests Cardano could be slowing down soon as it approaches resistance at $0.404. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.41, thereby suggesting that ADA is becoming overvalued.
Notwithstanding ADA's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Cardano shows positive signs, other assets are also on par: FTX Token gained 9.54% and is now trading at $1.36. Having closed the previous session at $318.54, Binance Coin is up 2.21% today to currently trade at around $325.57. Bitcoin gained 1.3% and is currently trading at $30,039.
Over the past 11 months, ADA has retreated 59.51% from a noteworthy peak of $0.98. Cardano is currently trading with a market cap of 13.88 billion with an average daily volume of 372.89 million.
