Cardano resumed bearish last week after marking a multi-month high at $0.42. After trading calmly above the monthly low for two days, it is now trying to initiate another sell-off due to the latest reduction across the crypto space.

The month of February has appeared to be a correction phase for some top altcoins as they tumble into their previous monthly low. Cardano is getting its fair share as it saw a substantial decrease in the past week.

After dropping to the $0.35 level last weekend, which currently serves as support, the price bounced off that level briefly and closed the weekly price at $0.37. It is currently changing hands at around $0.36 following an 0.7% loss overnight.

Cardano’s bears seemed to be stepping back into the market. The price could drop to a new weekly low if it loses the above support level. The price chart shows that the bears are still trying to gather momentum.

However, if the bulls react to this support level once again, we may see an increase above last week’s closing price mentioned earlier. A notable increase above it will signal a continuation of the short-term bullish, which has been in play since the yearly opening.

The current market structure looks bearish with a potential double-top pattern on the daily chart. This pattern will activate a heavy bloodbath if the price plummets through the support.

Even though the price fell through that support, it will still need to bridge $0.345 before it can further to $0.326 – which marks the first pullback level in January. The lower support level to consider lies at $0.3 and $0.27.

Cardano’s resistance is held closely at $0.376 in case of an increase. The subsequent resistance level to watch is $0.4 and $0.42, where it recently initiated bearish. A higher resistance level is located at $0.44 and $0.48.

Key Resistance Levels: $0.376, $0.4, $0.44

Key Support Levels: $0.345, $0.326, $0.30

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: rlapicki/123RF // Image Effects by Colorcinch

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