• Cardano price action shows continued bearish selling pressure towards the $0.50 value area.
• Two important chart patterns can be seen on the chart.
• ADA is currently worth $0.52.

Cardano’s (ADA) price action shows continued bearish selling pressure towards the $0.50 value area. ADA did close above a key Ichimoku level on Tuesday, however, bulls failed to follow through. .

ADA’s price is also at risk of further downside pressure due to decreased participation. While massive inflows of buyers and sellers occur between May 9 and May 13, the volume has still dropped significantly.

It is evident why this is the case when looking at the daily Ichimoku chart. Two important chart patterns can be seen on the chart.