Cardano At $0.45, Which Levels Are The Bears Aiming For?

Cardano has slipped considerably on its chart over the last week. After losing support at $0.62, ADA has been on a freefall. On the daily chart, the coin has been trading in a descending channel. ADA has now secured $0.42 as its immediate support. Buying pressure has fallen on the chart as ADA has continued to display bearish sentiment. The bulls have been favouring the sellers and if it continues to do the same, the coin might break below the aforementioned support level. From the technical outlook it appears the Cardano might continue to descend further before it registers an upward movement. A strong revival cannot be predicted just yet, however, if buyers re-enter the market the coin could witness some relief. The global cryptocurrency market cap today is $914 Billion with a 0.3% positive change in the last 24 hours. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.46 on the four hour chart. As the coin broke the $0.62 level, the coin has depreciated in value substantially. Over the last week, the coin lost close to 4.8% of its market value. Over the past couple of days, the coin has mostly oscillated between $0.47 and $0.45 respectively. Local support for the coin stood at $0.42, while the resistance for ADA was at $0.53. As buying strength has remained low, a move above the $0.47 mark seems difficult. The amount of ADA traded diminished significantly indicating bearish pressure. The volume bar was red signif...