Mixed sentiment leads Cardano cryptocurrency to trade sideways; establishes tight $0.451 to $0.451 range

ADA trades at $0.451, after ending today at $0.451.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates ADA is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, ADA's upper Bollinger Band® is at $0.46, suggesting that a downward move may follow.

Notwithstanding Cardano's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Other markets show mixed performance as FTX Token is up 9.54% to $1.36.

Cardano has managed to gain 81.29% so far this year despite trading at lows around $0.244 previously. Cardano is currently trading with a market cap of 15.68 billion with an average daily volume of 392.55 million.