Cardano Price Forecast Indicates Potential Drop to $0.47
Cardano's price has dropped significantly since early May, falling from $0.85 to around $0.56, a decline of over 24% in the past month.
Current Market Trends
- Price at approximately $0.56, with a recent increase of 1.3% in 24 hours
- Overall decline of more than 3% in the last week
- Potential further decline indicated by technical analysis
Technical Analysis Insights
- Analyst Ali Martinez predicts a possible drop to $0.47 as next support level
- Price movement within a descending channel pattern observed on three-day chart
- Upper trendline serves as resistance; lower trendline indicates potential support
- 1.272 Fibonacci level aligns with lower trendline, suggesting further downside risk
The Cardano price chart shows a downward trend since November, with a brief recovery above $0.8 in April before failing to maintain upward momentum.
