Cardano cryptocurrency trades up $0.006, approximately 1.67% higher this afternoon

ADA is rallying again to $0.394 (up $0.006), after erasing earlier gains.

Cardano made an initial breakout above its 50 day Simple Moving Average at $0.388, a potential indicator of a newly emerging bullish phase. Cardano's lower Bollinger Band® is at $0.369, indicating that the market is oversold and fertile for new buyers. On the other hand, note that ADA price action is currently oscillating around the $0.393 resistance level with prices moving above and below several times during the session.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts ADA to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Cardano is expected to pick up significant bullish sentiment in the coming days.

Other markets are also showing gains as FTX Token gained 9.54% and is now trading at $1.36. Ethereum is up 6.21% to $1,994.26. TRON is up 2.56%.

After hitting an important low of $0.244 approximately 4 months ago, Cardano has bounced back 58.86% since. Cardano is currently trading with a market cap of 13.72 billion with an average daily volume of 355 million.