Bearish ADA currently $0.014 lower after trading as high as $0.37

ADA is range-bound between $0.355 and $0.37 today after shedding $0.014 and closing at $0.37 today.

Cardano made an initial break below its 5 day Simple Moving Average at $0.369, a possible indication of a forthcoming negative trend. A crossing of the lower Bollinger Band® at $0.357 suggests further losses may follow for ADA. On the other hand, note that Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.361. Dipping below could be an indication that further losses are ahead.

Looking forward, ADA is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.431, Ripple lost $0.01 and is trading around $0.421. Dogecoin closed at $0.071 (down 2.44%).

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

ADA hit a significant low of $0.244 around 4 months ago, but has since recovered 51.65%. ADA has a market cap of 12.39 billion with an average daily volume of 276.15 million.