FX.co ★ Cardano remains inside a bearish channel.

Cardano is trading around $0.90. Trend remains bearish. Price continues making lower lows and lower highs. Price is inside a bearish channel since the end of March when price made a high around $1.20-1.23.

Although price is making new lower lows, the RSI is not. This is a sign that the downtrend is weakening. This is not a reversal signal but an important indication that a reversal could soon be seen. Resistance by the channel is found at $0.9270. A break above this level would be the first sign of a reversal and confirmation would come with a break above $0.9540. Until then bears are in control of the trend.