FX.co ★ Cardano remains in a bearish trend.

Cardano remains in a bearish trend since September of 2021 when it peaked at $3.08. Since then price is making lower lows and lower highs. Price is under the Ichimoku cloud with bulls unable to break above the cloud resistance.

Price is clearly below the Kumo (cloud) confirming bearish trend. Price is above the tenkan-sen (red line indicator) but below the kijun-sen (yellow line indicator). The kijun-sen is resistance at $0.9965. Breaking above this level will open the way for a push higher towards the cloud resistance at $1.20. In order for trend to change to bullish in Ichimoku cloud terms, bulls will need to recapture $1.28. The Chikou span (black line indicator) is also below the candlestick pattern. A break above the candlestick pattern is what bulls need to see in this chart. Until then bears remain in control of the trend.