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April 13, 2023
After closing at $0.405 today, Cardano began today at $0.405 with significant bullish sentiment driving Cardano's price action higher. So far today, price action has drawn out a distinct $0.4 to $0.415 range.
Cardano broke through the $0.41 resistance and climbed 2 cents above it. Although up today, early price action saw Cardano dropping below its 3 day Simple Moving Average at $0.404 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.418, thereby suggesting that Cardano is becoming overvalued.
Technical analysis of Cardano price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Cardano shows positive signs, other assets are also on par: FTX Token added 9.54% to its value, now trading at $1.36. Ethereum is up 3.57%. Dogecoin gained 3.6% and is currently trading at $0.087.
Cardano has shed $0.575 points and is languishing 58.67% lower over the past year, leaving its yearly highs around $0.98 in the rear-view mirror. ADA is currently trading with a market cap of 14.35 billion with an average daily volume of 324.75 million.
