• Cardano’s price is closer to a breakout, but it is not moving towards the higher targets due to bearish clouds.
• Due to this, investors may expect a plunge in the next few hours that may drive the prices close to $0.32 certifying the ongoing bearish trend.
• A daily close beyond $0.4 may save the rally from falling into a deep bearish well that may invalidate the bearish thesis; otherwise, it will lead to a possible reversal towards $0.32.

Cardano Price Analysis

The crypto markets are shrinking slowly with top tokens maintaining a consolidated descending trend and impacting Cardano’s price which had just surged beyond its crucial resistance of $0.38. However, failing to move above $0.4 could lead to price dropping hard and testing lower levels around $0.32 in coming days as RSI suggests an imminent trend reversal.

Bearish Divergence Confirmed

Cardano’s 6 months‘ price trend was skyrocketing till recently but momentum indicator RSI produced lower highs than before indicating that rally was not backed and hence could face a bearish reversal soon if it fails to secure levels beyond $0.42 after increasing selling volume slightly pushing prices down closer to $0.32 level by invalidating any other bullish thesis in process.

Possibility of Bearish Reversal

A slight uptick in selling volume can cause downfall for Cardano’s prices driving them closer toward the low target of $0