Bearish ADA currently $0.004 lower after trading as low as $0.373

Cardano weakened earlier in the day, before moving away from its $0.373 low and recovering back to $0.375.

Cardano made an initial break below its 5 day Simple Moving Average at $0.377, a possible indication of a forthcoming negative trend. ADA's upper Bollinger Band® is at $0.383 which indicates a further downward move may follow. Despite this, Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.375. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Cardano to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the ADA is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, after ending today's session at $92.29, Litecoin lost $3.05 and is trading around $89.24. Bitcoin is down to $27,131, losing $569.3, after closing at $27,700 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token added 9.54% to its value, now trading at $1.36.

On a negative trend for around a month. ADA has a market cap of 13 billion with an average daily volume of 179.66 million.