Cardano's price has continued its bearish trend, remaining below the $0.40 resistance point since May 6. The cryptocurrency has experienced a series of downward and horizontal movements, with trading volume dropping by 9 percent over the past 24 hours. The larger cryptocurrency market has also shown a downtrend, with Bitcoin and Ethereum both dropping in value.

On the 24-hour candlestick chart, Cardano's price remains below its moving averages and the important 50-day exponential moving average. While the MACD curve offers some support, the RSI continues to show a dismal reading. It is important to conduct independent research and/or consult with a qualified professional before making any investment decisions.