| 
March 08, 2023
Cardano is grinding lower from $0.331 to $0.323, shedding $0.008 (2.39%) today.
Support/Resistance levels obtained from chart analysis indicate that Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.322. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that ADA's lower Bollinger Band® is at $0.311, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates ADA will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Solana slips 4.61% to trade around $19.34. After ending today's session at $1.11, Tezos USD lost $0.044 and is trading around $1.07.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Cardano has fallen back around 72.7% over the past 11 months, from a notable high of $1.21. ADA has a market cap of 11.21 billion with an average daily volume of 295.50 million.
