The Cardano (ADA) price has fallen under a descending resistance trend line since its yearly high of $0.69 in December 2023. 

ADA broke down from a short-term diagonal support level but trades above a long-term horizontal one.

Cardano Approaches Decisive Level

The technical analysis of the daily time frame shows that ADA has fallen under a descending resistance trend line since December 2023. The decrease culminated with a low of $0.45 on January 23, 2024. 

While this seemingly caused a breakdown from a critical horizontal support area, ADA reclaimed it afterward and made an unsuccessful breakout attempt (red icon) from the descending resistance trend line. 

The ADA price is quickly approaching the point of convergence between the resistance trend line and the horizontal support area. 

The daily Relative Strength Index (RSI) gives a mixed reading. When evaluating market conditions, traders use the

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Author: Valdrin Tahiri

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