Cardano Price Analysis — May 16

Cardano recorded another rejection from the $0.600 barrier in the Asian session on Monday, as a double-top pattern emerges. If the technicals still play any role in the market at this point, we could see a bearish continuation to the $0.500 in the near term. This decline, assuming the 0.500 support holds, could foster a bullish attempt towards the $0.700 level in the coming days.

It is worth noting that the developments around Terra still hold significant sway on the market and could cause the $0.500 support to fail at providing a ramp for buyers.

Meanwhile, our resistance levels are $0.600, $0.700, and $0.800, and our support levels are $0.500, $0.400, and $0.300.

Total Market Capitalization: $1.27 trillion

Cardano Market Capitalization: $18.8 billion

Cardano Dominance: 1.48%

Market Rank: #7