Is it the end of Cardano's rally? After six days of gains, it is down by 1.64% today

ADA recovering almost all the way back to $0.402 today, after dipping down to $0.39.

Cardano made an initial break below its 5 day Simple Moving Average at $0.388, a possible indication of a forthcoming negative trend. A "hanging man” chart pattern. When appearing at the top of a bullish trend, it is typically considered to be an indication of a trend reversal. Cardano's upper Bollinger Band® is at $0.414 which indicates a further downward move may follow. In contrast, Cardano could begin to recover as it approaches significant support, now 1 cents away from $0.394. 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 Cardano is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, TRON is down $0.003 from the beginning of the session and now trades around $0.064. Dogecoin closed at $0.082 (down 2.65%).

Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Over the past 11 months, ADA has retreated 58.96% from a noteworthy peak of $0.98. ADA has a market cap of 13.75 billion with an average daily volume of 353.20 million.