Cardano retreats $0.004 following previous session close at $0.394

Trading lower, ADA is currently down $0.004 as it ranges between $0.39 and $0.396 so far today.

Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.378. 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 10 day Simple Moving Average around $0.395 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $0.363, a low enough level to, generally, suggest that Cardano is trading below its fair value.

Overall, looking at the technical analysis landscape, it seems ADA —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Bitcoin Cash closed at $117.16 (down 2.54%). EOS is trading around $1 (down $0.034).

Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.

Cardano is trading 56.6% lower compared to the $0.897 high it reached over the past year. Cardano has a market cap of 13.57 billion with an average daily volume of 359.48 million.