Cardano set for weak finish today; down 1.76% to $0.331 with 3 hours before close

Cardano recovering almost all the way back to $0.337 today, after dipping down to $0.331.

Following today's trading session, chart analysis suggests Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.332. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, ADA's lower Bollinger Band® is at $0.32, 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, Litecoin goes down 2.28% to trade around $87.86.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Ripple goes up 1.35% to trade around $0.372.

Cardano has fallen back around 72.21% from the significant high of $1.21 set 11 months ago. ADA has a market cap of 11.48 billion with an average daily volume of 312.46 million.