Should you buy Cardano after Tuesday's 7% plunge?

Cardano (ADA/USD) traded over 10% lower on Tuesday as the market staged a sharp sell-off. Bitcoin (BTC/USD) is down 4% over the past two days and has traded back at the USD 41000 level. Cardano enables peer-to-peer transactions on its blockchain layer and smart contracts. This layered network makes Cardano more flexible, scalable and secure. It is a decentralized system aiming to become a home for large-scale financial applications.

Huge sell volumes were observed as Cardano traded at resistance. So, it looks like investors have taken their gains after last week's strong rally that helped Cardano surge over 20%. Cardano investors have been waiting for a trend reversal in Cardano for the past few months. However, Cardano had shown no signs of halting the downtrend even after falling over 60% from its highs. However, the recent recovery suggests that the downtrend may be over after Cardano failed to chart lower levels. Therefore, in the coming weeks, the rally could extend its gains and Cardano could continue to rise. Investors need to be cautious and wait for the right time to enter. Cardano also recently outperformed Solana's market cap, suggesting that bulls may return soon.

Cardano has formed a double top pattern. However, bullish RSI divergence is seen, suggesting that a bearish reversal should not be seen anytime soon.

A strong resistance is seen at $1.6, so investors should be patient and wait for Cardano to break the resistance as it will confirm a bullish bias.

A surge in buying volumes was also seen earlier this week, indicating a strong reversal.

Investors can set a target of $1.9, followed by $2.35.

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