| 
May 12, 2023
After ending today at $0.36, today ADA went up to $0.367 before paring back gains and settling around $0.36.
Cardano made an initial breakout above its 5 day Simple Moving Average at $0.362, a potential indicator of a newly emerging bullish phase. ADA's upper Bollinger Band® is at $0.417 and the lower is $0.351. Cardano is approaching key support, around 1 cents away from $0.349. 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.
Overall, looking at the technical analysis landscape, it seems ADA might be pointing upward in the short term.
Other markets show mixed performance as FTX Token is up 9.54%. Bitcoin closed at $26,368 (down 2.31%). After ending today's session at $81.04, Litecoin lost $2.08 and is trading around $78.96.
Cardano is now trading 47.5% above the significant low ($0.244) it slumped to 4 months ago. ADA is currently trading with a market cap of 12.54 billion with an average daily volume of 252 million.
