FX.co ★ Cardano challenges upper bearish channel boundary.

Green lines- bearish channel

Cardano is trading around $0.63. There is very important resistance at this level because here we find the upper channel boundary. Cardano is inside this bearish channel for some time now. Trend remains bearish and as long as we remain inside the channel, any upside move is considered a counter trend bounce. Cardano continues making lower lows and lower highs in the medium-term. In the near term price has started a bounce after the low at $0.377. Support is found at $0.5280 and next at $0.43. In order to avoid new lows, Cardano bulls will need to defend these two support levels and eventually push price out of the bearish channel. Until then bears remain in control.