Cardano Price Stagnant Below Key Resistance Level

Cardano's price has been stuck below the key resistance level of $0.305 for some time now, indicating that bears are in control of the market. The altcoin's recent price action shows a clear rejection at the $0.292-$0.293 resistance zone, followed by a sharp bearish move.

The daily chart highlights this shift in momentum, with the price dropping towards the $0.282 support area after losing momentum around $0.288. If the price fails to hold above this level, further downside towards $0.280 becomes likely.