The price of Cardano seems to be stuck in a converging channel on its way down from 0.05 USDT, probably signaling a continuation of the bearish trend.
- Converging channel in downtrend (Can be seen as a bear flag) - Very low trading volume
Longer term
The fall in price might stop at the support level at around 0.035 USDT and bounce up as the result of a bullish divergence trend on both the RSI as well as MACD.
- Bullish divergence on RSI and MACD
OR
However, if the bullish trend on both indicators happens to break, price is likely to retest the low we saw in December.
- Break of bullish divergence trend on RSI and MACD