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June 15, 2023Struggling to find upward momentum, ADA has shed $0.003 to currently trade at $0.26 as it ranges between $0.254 and $0.265 so far today.
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. Despite this, Cardano could begin to recover as it approaches significant support, now 2 cents away from $0.26. Dipping below could be an indication that further losses are ahead.
Looking forward, ADA is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, MaticNetwork USD closed at $0.589 (down 4.72%). Polkadot is down to $4.37, losing $0.193, after closing at $4.56 in the preceding trading session.
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
ADA is now trading 53.88% below the significant high of $0.57 it set around 10 months ago. ADA is currently trading with a market cap of 9 billion with an average daily volume of 303.71 million.
