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May 13, 2023
Cardano is grinding lower from $0.371 to $0.366, shedding $0.005 (1.38%) today.
As the trading day comes to an end, chart analysis indicates Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.362. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Cardano made an initial break below its 5 day Simple Moving Average at $0.363, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that ADA's lower Bollinger Band® is at $0.351, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Cardano will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. Ripple is trading around $0.425 (down $0.006).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.
Cardano has recovered 51.96% since descending to a significant low of $0.244 around 4 months ago. ADA has a market cap of 12.74 billion with an average daily volume of 254 million.
