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05.07.2022 03:29 PM
Cardano technical view remains bearish.

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Black lines- bearish channel

Green line- horizontal support

Cardano price is around $0.43. There is no real progress price wise over the last couple of weeks as price is mostly moving sideways. Despite this sideways movement, price remains trapped inside the medium-term bearish channel. Price has now reached the upper channel boundary and there are increased chances that we will see lower price levels. With horizontal support at $0.42, a combination of channel rejection with support break down would be very bearish for Cardano. This could lead price below May lows. Trend remains controlled by bears.

Summary
Urgency
Analytic
Alexandros Yfantis
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