Cardano gets off to a weak start; down 1.74% this morning to $0.369

After ending today at $0.376, today ADA went up to $0.38 before paring back gains and settling around $0.369.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. A crossing of the lower Bollinger Band® at $0.371 suggests further losses may follow for Cardano.

Looking forward, Cardano is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other markets, Ripple is down $0.011 from the beginning of the session and now trades around $0.438. EOS is trading around $0.939 (down $0.028).

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

Cardano has managed to gain 52.98% so far this year despite trading at lows around $0.244 previously. ADA has a market cap of 12.87 billion with an average daily volume of 290.50 million.