Bearish Cardano currently $0.006 lower after trading as low as $0.384

Cardano drops from $0.391 to $0.386, losing $0.006 (1.48%) today.

Technical analysis shows that Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.386. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that Cardano made an initial break below its 50 day Simple Moving Average at $0.386, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Cardano's lower Bollinger Band® is at $0.362, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Cardano will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, UNICORN Token USD goes down 2.98% to trade around $6.43. Ripple is down to $0.459, losing $0.005, after closing at $0.465 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.

ADA has fallen back around 56.36% over the past 11 months, from a notable high of $0.897. ADA is currently trading with a market cap of 13.43 billion with an average daily volume of 375.22 million.