• Cardano’s price is close to a breakout, but bearish clouds have compressed the price.
• The rally is not backed and hence a trend reversal may be imminent.
• If the daily close can’t reach above $0.4, it may lead to a plunge towards $0.32 in the next 24-48 hours.

Bearish Divergence Confirmed for Cardano: Next 24-48 Hours Price Analysis

Cardano’s Price Consolidation

The crypto markets are slowly shrinking with top tokens maintaining a consolidated downward trend, impacting the 8th ranked cryptocurrency Cardano which had recently surged beyond the critical resistance of $0.38. Failing to rise above $0.4 might result in a sharp fall and test lower levels around $0.32 in upcoming days, considering ADA’s last 6 months‘ price trend which had soared high hinting at an impending bearish reversal soon after.

RSI Indicating Bearish Divergence

The chart shows that while prices maintained a climbing high, RSI quickly fell into bearish divergence signaling that the rally is not backed and thus could lead to an immediate reversal of trend if daily closes don’t surpass $0.4 levels. Rising selling volume might further worsen this situation leading prices towards its previous low at around $0.32 if bulls fail to secure higher targets at $0.46 before then.

What To Expect?

As per current indications, investors should expect ADA’s prices to take off anytime soon with possible targets for correction being around $0