ADA sheds $0.002 to trade around $0.398

Slightly weaker but mostly flat: ADA is currently trading at $0.398 as it maintains an active range between $0.397 and $0.406.

Analysis of ADA's recent price action suggests Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.393. Dipping below could be an indication that further losses are ahead. Price action remains constrained around the key Fibonacci level of $0.4 currently serving as support. If price action breaks below, the next Fib hurdle is $0.382.

In the meantime, negative performances are also seen in other markets, Ripple is down to $0.462, losing $0.014, after closing at $0.476 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36. Binance Coin is up 2.64%.

ADA has fallen back around 56.25% from the significant high of $0.918 set a year ago. ADA is currently trading with a market cap of 13.84 billion with an average daily volume of 409.85 million.