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February 28, 2023
After a mostly steady day, Cardano loses $0.012 late into the session, trading at $0.353.
Following today's trading session, chart analysis suggests Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.345. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that ADA made an initial break below its 3 day Simple Moving Average at $0.364, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Cardano's lower Bollinger Band® is at $0.34, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests ADA 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, Algorand USD is down to $0.246, losing $0.01, after closing at $0.256 in the preceding trading session. NEAR Protocol slips 4.46% to trade around $2.24.
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 reached a significant high of $1.21 around 10 months ago but has lost 69.91% since then. ADA has a market cap of 12.25 billion with an average daily volume of 301.34 million.
