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May 10, 2023In a range-bound session favoring short positions, Cardano remains constrained in a $0.358 to $0.366 range and is currently trading close to $0.358.
Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.359. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, ADA peaked above its 3 day Simple Moving Average around $0.367 — typically an early indicator of a new bullish trend beginning to emerge. Cardano's lower Bollinger Band® is at $0.358, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that Cardano's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash closed at $120.06 (down 1.58%).
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. Having closed the previous session at $0.069, TRON is up 0.59% today to currently trade at around $0.07.
Having set a significant low of $0.244 4 months ago, Cardano is trading 49.07% higher. Cardano is currently trading with a market cap of 12.49 billion with an average daily volume of 272.81 million.
