FX.co ★ Cardano challenges bearish medium-term channel.

Cardano has been bouncing higher over the last couple of weeks after making a low around $0.3778. Trend remains bearish as price continues making lower lows and lower highs inside the medium-term downward sloping channel its been inside since August of 2021.

Cardano is approaching the upper channel resistance at $0.7365. Breaking above this level would be an important bullish signal. Support is at recent lows at $0.4369 and bulls must defend this level. Failure to hold above it will result into another sell off that will eventually push price below $0.37. Traders need to be cautious as price is very close to key resistance.