Cardano trades below the $0.3 level

After ending today at $0.292 and losing $0.03, it now trades below the $0.3 level for the first time in 3 months.

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 $0.293. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that 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 momentum evaluation, the Relative Strength Index indicates ADA is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $0.297, a low enough level to, generally, suggest that ADA is trading below its fair value.

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, TRON is trading around $0.072 (down $0.006). Solana is down to $17.21, losing $1.67, after closing at $18.89 in the preceding trading session.

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

Since its 52-week high of $0.58, ADA has lost 46.3% over the last twelve months. ADA has a market cap of 10.20 billion with an average daily volume of 203.59 million.