Cardano gets off to a weak start; down 0.36% this morning to $0.295

Trading lower, ADA is currently down $0.001 as it ranges between $0.294 and $0.296 so far today.

Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.291. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, ADA peaked above its 21 day Simple Moving Average around $0.296 — typically an early indicator of a new bullish trend beginning to emerge.

Overall, looking at the technical analysis landscape, it seems Cardano might start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.496, Ripple lost $0.004 and is trading around $0.492.

Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36. Bitcoin Cash climbs 1.74% to trade around $184.29.

Approximately 10 months ago, Cardano reached a significant high of $0.57 but has struggled to hold onto its gains and declined 48.05% since then. ADA has a market cap of 10.31 billion with an average daily volume of 322.36 million.