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February 22, 2023
Cardano drops $0.006 early on and steadies around the $0.386 level.
Cardano made an initial break below its 200 day Simple Moving Average at $0.384, a possible indication of a forthcoming negative trend. In contrast, Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.382. Dipping below could be an indication that further losses are ahead.
In the short term, ADA is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, after ending today's session at $24.96, Solana lost $1.38 and is trading around $23.58.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $1.22, Tezos USD is up 6.75% today to currently trade at around $1.3.
Cardano hit a significant low of $0.244 around a month ago, but has since recovered 60.8%. Cardano is currently trading with a market cap of 13.38 billion with an average daily volume of 252.32 million.
