Gauging Cardano’s short-term potential amid the current bear run

📆 6/28/2024 1:23 AM
📰 CryptoAmb

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As the broader market’s sentiment turned bearish over the last day, ADA continued its long-term downtrend after chalking out a bearish patter

Bears aggravated Cardano’s descent over the past few months as the crypto fear and greed index slipped into the ‘fear’ zone.

However, a reversal from the support level in the $0.37 level can reignite some bullish tendencies and help the buyers find a move above the daily EMAs.Can ADA bulls stop the bleeding?ADA has struggled to find a close above the boundary of its 50-day day EMA for nearly three months now. The recent decline below the crucial $0.42 resistance level reaffirmed the bearish edge and confirmed the symmetrical triangle breakout.

Only a close above these levels can help the bulls start a near-term uptrend. This can help ADA retest the $0.48 level before likely reversing.

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