Cardano price technical analysis The daily chart

Cardano price technical analysis

The daily chart shows that the Cardano price has plunged from $1.317 in December to $0.66 today. It has moved below the descending trendline that connects the highest swings since December. 

Most recently, it formed a small double-top pattern at $0.845, and has moved below its neckline at $0.713, its lowest point on May 19.

It has also moved below the 50-day and 200-day Weighted Moving Averages. Therefore, the coin will likely continue falling as sellers target the next key support at $0.513, its lowest point in April, down by 23% from the current level.