Cardano hits 5 years low before recovering $0.291

Cardano dropped to $0.004, hitting its lowest point in 5 years. It later recovered $0.291 and is now trading at $0.295.

Despite posting gains so far today, Cardano slid below its 5 day Simple Moving Average at $0.293 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.308, thereby suggesting that ADA is becoming overvalued. After reaching the known resistance zone beginning at $0.3, ADA price action retreated approximately 1 cents.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Cardano is set for a reversal in the coming days.

Over the past 10 months, Cardano has retreated 99.28% from a noteworthy peak of $0.57. ADA is currently trading with a market cap of 10.30 billion with an average daily volume of 240.43 million.