Cardano has faced significant selling pressure recently, resulting in a price drop of over 50% from its March peak above $1, now hovering around $0.57, where support is forming. This decline has placed Cardano within a descending triangle pattern for months, as noted by crypto analyst melikatrader94. Despite a brief rally in March, the price failed to sustain momentum, leading to ongoing bearish conditions. However, recent analysis indicates a potential shift, with signs of bullish divergence suggesting that sellers may be losing strength and buyers are gaining traction. If the support at $0.57 holds, Cardano could aim for a price increase, targeting levels between $0.67 and $0.70. Conversely, if the price falls below the critical support level of $0.53, it could trigger further declines, invalidating the bullish outlook and continuing the bearish trend within the descending triangle. Read more AI-generated news on: https://app.chaingpt.org/news