| 
June 08, 2023Without a clear-cut direction, ADA is trading around $0.323 and ranging between $0.321 and $0.33.
As the trading day comes to an end, chart analysis indicates Cardano is approaching key support, around 1 cents away from $0.311. 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. Concerning technical analysis and more specifically, trend indicators, 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. Momentum evaluation shows that the Relative Strength Index indicates ADA is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Cardano's upper Bollinger Band® is at $0.4 and the lower is $0.325.
All in all, the technical analysis suggests Cardano has no clear-cut direction.
Other markets show mixed performance as FTX Token is up 9.54% to $1.36. Having closed the previous session at $0.862, EOS is up 3.05% today to currently trade at around $0.888. Binance Coin gained 1.87% and is currently trading at $264.05.
Having soared to a high of $0.633 approximately a year ago, Cardano is now trading 49.12% lower. ADA is currently trading with a market cap of 11.26 billion with an average daily volume of 175.62 million.
