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April 04, 2023
Cardano is now trading at $0.387 after tracing out a steady $0.386 – $0.389 range today.
Cardano formed a session range of $0.386 to $0.389 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $0.386. ADA's upper Bollinger Band® is at $0.403, suggesting that a downward move may follow. Despite this, ADA is approaching key support, around 2 cents away from $0.369. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests ADA is positioned for a downward move in the near term.
While ADA is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. Dogecoin added 2.79% to its value, now trading at $0.098. Ripple is down $0.005 from the beginning of the session and now trades around $0.49.
Cardano has shed $0.83 points and is languishing 68.19% lower over the past year, leaving its yearly highs around $1.21 in the rear-view mirror. ADA is currently trading with a market cap of 13.46 billion with an average daily volume of 423.45 million.
