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May 18, 2023After ending today at $0.375, today Cardano went up to $0.38 before paring back gains and settling around $0.375.
Trend analysis indicates that Cardano made an initial breakout above its 21 day Simple Moving Average at $0.379, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, ADA's upper Bollinger Band® is at $0.4, suggesting that a downward move may follow. ADA chart analysis: Cardano is approaching key support, around 1 cents away from $0.368. 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, while Cardano has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While ADA is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. Ripple added 3.56% to its value, now trading at $0.464. UNICORN Token USD is trading around $6.43 (down $0.197).
Pointing downwards for around a month. ADA has a market cap of 13 billion with an average daily volume of 222.41 million.
