ADA ended the previous session at $0.352; currently trading at $0.33

ADA drops $0.023 early on and steadies around the $0.33 level.

Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.343. Dipping below could be an indication that further losses are ahead. Price action pushed below a known Fibonacci support level at $0.35 by around $0.02 with prices hammering out a $0.328 – $0.352 range by session close. A crossing of the lower Bollinger Band® at $0.341 suggests further losses may follow for ADA. In contrast, despite being in the red so far in the current trading session, Cardano peaked above its 200 day Simple Moving Average around $0.351 — typically an early indicator of a new bullish trend beginning to emerge.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Cardano.

In the meantime, negative performances are also seen in other markets, Binance Coin drops 7.68% to trade around $259.41. Dogecoin is trading around $0.067 (down $0.003).

Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.

Cardano is now trading 44.32% below the significant high of $0.633 it set around 11 months ago. ADA is currently trading with a market cap of 11.50 billion with an average daily volume of 179.29 million.