🤔Cardano Faces Market Uncertainty Despite Bullish Factors

📈 Cryptocurrency Prices and ADA: While various factors have driven a bullish trend in cryptocurrencies, Cardano (ADA) has not followed this upward momentum. Despite excitement around Ethereum (ETH) ETFs and a landmark cryptocurrency bill in the US House, ADA's price charts lack a bullish trend.

📊 ADA’s Consolidation Phase: ADA’s monthly chart suggests that bulls might be consolidating rather than inactive. Currently trading around $0.4836, ADA shows resistance after testing lower levels. If ADA holds support above $0.43 and breaks resistance at $0.60, a bullish trend could be confirmed. Failing to hold these supports might lead ADA to retest $0.4 or even $0.38. Coinglass data shows a 21.54% drop in ADA’s trading volume, indicating decreased active trading. The long/short ratio on various platforms presents mixed views.

🤔 Indecision in ADA: On Binance, a high ADA/USDT ratio (3.8287) for long positions indicates bullish sentiment among investors. However, overall market sentiment is balanced, showing indecision. Stable open positions suggest bulls are reassessing rather than retreating. Recent liquidations, mainly on the short side, imply ADA’s decline has mostly affected short sellers. The Cardano fear and greed index at 44% reflects a neutral sentiment among investors.