Cardano set for weak finish today; down 0.27% to $0.404 with 2 hours before close

Slightly weaker but mostly flat: ADA is currently trading at $0.404 as it maintains an active range between $0.402 and $0.407.

Cardano made an initial break below its 5 day Simple Moving Average at $0.403, 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 $0.4. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts ADA to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the ADA is expected to attract significant bearish sentiment in the coming days.

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. TRON improves 1.35% to trade around $0.068. Chainlink USD added 2.21% to its value, now trading at $7.2.

Cardano is now trading 54.87% below the significant high of $0.897 it set around 11 months ago. Cardano is currently trading with a market cap of 14 billion with an average daily volume of 388.40 million.