Blue line- support trend line (broken)
Green lines- Fibonacci retracements
Cardano is trading around $0.38. Price broke below the upward sloping support trend line and has provided us with a bearish signal. As we mentioned in our previous analysis, such a bearish signal implies that price should pull back towards the $0.3635 price level. Cardano is making lower lows and lower highs. Price is expected to move lower towards the 61.8% Fibonacci retracement at least. Resistance is found at $0.4075. As long as price is below this level, short-term trend will remain bearish.
