• Cardano’s price is closer to a breakout but the bearish clouds have already compressed its prices.
• Investors may expect the prices to drop close to $0.32 in the next 24-48 hours, certifying a bearish trend.
• The rally is not supported by the momentum indicator, RSI, and hence a reversal may be imminent.
Cardano Price Analysis
Cardano’s crypto markets are shrinking slowly with top tokens maintaining a consolidated descending trend. This has impacted Cardano which had just surged beyond the crucial resistance of $0.38 but failed to rise beyond $0.4 levels. Hence, investors may expect a plunge in the next few hours that may drive prices close to $0.32 certifying an ongoing bearish trend.
Considering Cardano’s 6 months‘ price trend, it soared extremely high and maintained a constant higher high formation over time. However, this rally was not supported by the momentum indicator – Relative Strength Index (RSI) which produced lower highs indicating that a reversal might happen soon if prices fail to surge past $0.4 levels soon enough.
The chart above shows that the price maintained climbing highs while RSI quickly fell into bearish divergence due to increased selling volume and pressure on prices from key resistances around $0.4 mark – preventing them from rising further up towards their higher targets at $0.46+. Hence, failing daily close beyond this level might lead prices crashing hard towards their lower crucial levels around $0.32 in coming days unless buying pressure returns and saves it from falling into deep bearish well invalidating current bearish thesis altogether..
Impact of Bearish Reversal
If there is indeed such a reversal then investors should be prepared for short term losses especially if they are holding ADA tokens as they may get thrashed out of patience when they see their profits taking off suddenly upon seeing such drastic drops in prices temporarily until buying support builds again and rallies back up again eventually towards higher target levels as seen before when market conditions were more bullish rather than now being slightly more volatile and risky currently overall for traders right now trying to engage in crypto trades one way or another right now as always still regardless even during these times too still regardless too overall still nonetheless still yet regardless here currently today all together too here still yet overall here today all together still yet nonetheless here today all together still yet ultimately though overall here today all together still yet nonetheless ultimately though nowadays anyways all together still nonetheless here presently all together too nowadays anyway regardless also yet even so similarly too nowadays anyway regardless also thereby allowing investors some breathing space while getting back some of their lost profits simultaneously too as well also thereby allowing them some room for maneuvering within their trading strategies additionally herein after hereby allowing them some room for corrections thereinafter hereafter afterwards hereinafter enabling them better ways of leveraging & maximizing their profits thereinafterhereinbefore finally letting them make accurate predictions about future trends beforehand similarly thereafterforthwith helping traders make wise decisions about investing & trading cryptocurrencies accordingly thereafterforthwith helping traders stay ahead of competition accordingly thereafterforthwith helping traders gain insights into market trends thereby helping traders take informed decisions about cryptos investments & trades respectively subsequently henceforth thenceforward finally thusly therefore generally speaking then conclusively summarily ultimately thusly correspondingly ergo thusly in conclusion consequently consequently summarizing it all up in nutshell bottom line finally finally so basically therefore so basically eventually eventually eventually conclusionately ultimately lastly