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May 06, 2023ADA crashes after losing $0.015, breaking down to $0.38.
Trend analysis indicates that Cardano made an initial break below its 50 day Simple Moving Average at $0.389, a possible indication of a forthcoming negative trend. Having stamped out a session range of $0.377 to $0.397, Fibonacci-inclined Cardano traders were highly concentrated around active Fibonacci support at $0.382. Asset volatility analysis shows that ADA's lower Bollinger Band® is at $0.37, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Following today's trading session, chart analysis suggests Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.388. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Cardano is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $88.83, Litecoin lost $4.89 and is trading around $83.95. Ethereum closed at $1,899.29 (down 4.92%).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Cardano hit a significant low of $0.244 around 4 months ago, but has since recovered 61.85%. Cardano is currently trading with a market cap of 13.23 billion with an average daily volume of 321.54 million.
