Cardano Price Stuck in Downtrend, Analysts Split on Breakout

Cardano's price has been stuck in a downtrend for several weeks, causing traders to wonder if it will finally break through and rise above its current level. The cryptocurrency is currently trading at $0.1633, down 0.31 percent over the past 24 hours.

The technical analysis suggests that if Cardano's price closes above $0.1812 on the daily chart, it could open up resistance zones at $0.1997-$0.2206 and then $0.2900. On the other hand, a failure to close above $0.1812 would keep the focus on $0.1533 and then $0.1380 as support levels.

On the weekly chart, Cardano's price has been following a descending trendline for weeks, but instead of breaking further down, it is now holding steady. A bullish marubozu candle formed right at the base of the range, which could be a sign that the cryptocurrency is building a base.

Analysts are split on whether Cardano will continue to trade inside its current range or break through and rise above its resistance zones. Some see the weekly reversal candle as a sign of a base being built, while others point to the still-soft weekly RSI as a reason for caution.