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Following a decent bullish momentum, the overall cryptocurrency landscape is currently undergoing a price correction. Amidst this ongoing correction, Cardano (ADA), the eighth-largest cryptocurrency, is indicating a bearish move. Is Cardano (ADA) bearish? 
Recently, on February 23, 2024, a prominent trader and analyst named Ali posted on X (formerly Twitter) that the TD Sequential indicator is currently showing a sell signal on the 3-day chart for Cardano (ADA). It’s worth noting that this indicator has a high accuracy rate in predicting price correction signals. However, in the last two instances when this indicator signaled a bearish trend, ADA experienced significant price corrections.
The TD Sequential indicator shows a sell signal on the Cardano (ADA) technical analysis and key levels 
According to expert technical analysis, in addition to the TD Sequential indicator, Cardano (ADA) experiences resistance near $0.62 on a daily time frame. Historically, whenever Cardano (ADA) reached this level, it experienced downside momentum. This time, aside from the TD Sequential indicator and resistance level, Cardano (ADA) is also forming a double-top price action pattern.&nbsp; RSI signal bearish move for ADA? 
In the realm of technical analysis, this pattern signals a bearish sign. Furthermore, this pattern is supported by the RSI (Relative Strength Index), which also indicates a bearish signal as it forms a bearish divergence, with the ADA in the overbought zone. According to the analysis, if the crypto market remains dull, we may witness a decline to its next support level, which is $0.46, and the 200 EMA (Exponential Moving Average) is also positioned at this level. Source: TradingView 
Currently, <a href="https://news.todayq.com/cardano-declines-amid-altcoin-rally-can-ada-make-a-comeback/" rel="noopener noreferrer nofollow">Cardano (ADA)</a> is trading near $0.58, and in the last 24 hours, it has experienced over 2.5% of downside momentum. If we look at ADA’s performance over a longer period, in the last 7 trading days, the ADA price has dropped by over 2.5%. Meanwhile, in the last 30 days, ADA has experienced a significant 30% upside momentum. Additionally, with the price correction, the 24-hour volume has also dropped by over 22% and currently stands near $428 million.
Cardano (ADA) is not the only cryptocurrency currently experiencing downside momentum; top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are also going through a price correction. In the longer term, we can consider this a healthy price correction, which is necessary for any tradable asset before a bullish move.
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Bearish divergence found in Cardano (ADA), Here’s how?

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