Black lines- bearish channel
Green line- horizontal support
Cardano price is around $0.43. There is no real progress price wise over the last couple of weeks as price is mostly moving sideways. Despite this sideways movement, price remains trapped inside the medium-term bearish channel. Price has now reached the upper channel boundary and there are increased chances that we will see lower price levels. With horizontal support at $0.42, a combination of channel rejection with support break down would be very bearish for Cardano. This could lead price below May lows. Trend remains controlled by bears.
