According to CryptoPotato, Cardano's ADA has experienced a price increase of over 30% since the beginning of November, but it seems to have reached a local top. The resistance at $0.38 has temporarily halted the rally, as sellers have returned, eager to take profits after ADA's impressive performance this month.
If the pullback turns into a more significant correction, Cardano could fall to key support levels at $0.35 or even lower to $0.32. A correction is considered normal, given the recent rally. The Relative Strength Index (RSI) is displaying a clear bearish divergence on the daily timeframe, supporting the possibility of a more significant pullback before ADA can explore higher levels.
The current bias for ADA is bearish. In the short term, the price could fall to $0.35 or lower before buyers regain interest. It is advisable to wait for the correction to pass before considering any further moves.
