Bearish ADA currently $0.002 lower after trading as low as $0.287

Cardano recovering almost all the way back to $0.292 today, after dipping down to $0.287.

Cardano made an initial break below its 21 day Simple Moving Average at $0.288, a possible indication of a forthcoming negative trend. Cardano's upper Bollinger Band® is at $0.312 which indicates a further downward move may follow. On the other hand, note that Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.287. 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.

Other assets are showing positive performances as NEAR Protocol gained 12.44% and is now trading at $1.57. FTX Token added 9.54% to its value, now trading at $1.36. EOS is up 2.79%.

Cardano is now trading 48.78% below the significant high of $0.57 it set around 10 months ago. ADA is currently trading with a market cap of 10.12 billion with an average daily volume of 331.54 million.