FX.co ★ Cardano rejected at channel resistance.

Green lines -bearish medium-term channel

Cardano remains in a bearish medium-term trend. Price continues making lower lows and lower highs as it remains trading inside the downward sloping green channel. Price recently reached very close to the upper channel boundary and got rejected. This was a bearish sign. Resistance is at recent high of $0.6578. As long as price is below this level, bears are in control of the trend. Support is at $0.43 and a break below it can push price even lower towards $0.19. Bulls need to exit the bearish channel in order to hope for a bigger bounce or a major trend reversal. Until then bears have the upper hand.