Altcoins News
By Sakamoto Nashi
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Cardano (ADA), the tenth-largest cryptocurrency by market capitalization, has found itself stuck in a bearish downtrend despite the broader bullish momentum in the crypto market.
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However, ADA’s failure to maintain that upward trajectory and its decoupling from Bitcoin’s bullish run have raised concerns among investors and market analysts.
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Crypto analyst MasterAnanda, in a recent TradingView update, shed light on the factors behind ADA’s current bearish setup and outlined the key steps needed for a trend reversal.
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According to MasterAnanda, ADA’s current placement between the EMA34 and MA200 casts a bearish shadow over the asset's near-term prospects.
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To initiate a bullish turnaround, ADA needs to break above a critical resistance range. Specifically, the asset must reclaim the $0.68 to $0.
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While the broader recovery hinges on reclaiming this key range, other analysts are focusing on the support levels that could shape ADA’s short-term behavior.
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The primary support zone identified by CryptoPulse lies between $0.50 and $0.55. This area has proven to be a strong demand zone in the past, with ADA rebounding from it on two…
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CryptoPulse believes the $0.42 to $0.50 range could act as an ideal accumulation zone if ADA’s bearish momentum deepens.
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In summary, Cardano is at a crossroads. The asset has endured a prolonged correction and currently sits beneath key technical indicators, reinforcing its bearish outlook.
The Currency Analytics
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