Mixed sentiment leads ADA cryptocurrency to trade sideways; establishes tight $0.262 to $0.263 range

Cardano trades at $0.262, after ending today at $0.263.

Cardano made an initial break below its 3 day Simple Moving Average at $0.261, a possible indication of a forthcoming negative trend. Despite this, ADA is approaching key support, around 1 cents away from $0.257. 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 Cardano is positioned for a downward move in the near term.

Other markets show mixed performance as FTX Token gained 9.54% and is currently trading at $1.36.

Cardano has fallen back around 53.9% over the past 10 months, from a notable high of $0.57. ADA has a market cap of 9.16 billion with an average daily volume of 310.95 million.