Cardano's price struggles as a persistent bearish trend continues to concern traders and investors. An emerging pattern suggests that the possibility of ADA reaching new lows is quite real. This is particularly curious given that more than 90% of open positions on Binance are long positions, indicating that traders expect a price increase.
The long position dominance on Binance reflects a bullish sentiment among traders, contrasting with the bearish indicators from the market trends. If the emerging bearish pattern proves accurate, it could catch many investors by surprise, leading to potential losses for those holding long positions.
This ongoing bearish sentiment in Cardano's market could lead to strategic adjustments among traders, particularly those who may reconsider their optimistic stances concerning ADA's future performance.
