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May 15, 2023
After dipping down to $0.368, ADA regains earlier losses and goes up to $0.374.
Trend-following investors would be interested to note that despite posting gains so far today, Cardano slid below its 10 day Simple Moving Average at $0.371 in earlier trade — an early indicator that a negative trend could be emerging. According to asset volatility analysis, ADA's lower Bollinger Band® is at $0.351, indicating that the market is oversold and fertile for new buyers. As the day gets underway, chart analysis suggests ADA broke through the $0.373 resistance and climbed above it 1 cents; next resistance level is at $0.377.
Overall, the technical outlook suggests Cardano is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as FTX Token is up 9.54% to $1.36. Bitcoin Cash is up 3.56%.
At the same time, UNICORN Token USD is trading around $6.43 (down $0.197).
Trending downwards for around 28 days. Cardano has a market cap of 13 billion with an average daily volume of 241.49 million.
