Cardano (ADA) is currently stuck in a downtrend, with the key to a potential reversal lying in surpassing the critical resistance level of $0.47. This price point holds significant importance in assessing ADA's chances of a bullish turnaround.

Upon analyzing the daily chart, it is evident that ADA has been struggling within a descending channel since March. Previous efforts to exceed the upper boundary around $0.475 have been met with opposition, especially from the 20-day EMA at $0.47. This level, historically known for causing price rejection, now acts as a crucial threshold for ADA's possible shift towards a bullish position.

The accumulation of various EMAs above the current price highlights a major hurdle, reinforcing the prevailing bearish trend. Despite persistent attempts, ADA has yet to firmly establish itself above $0.47, a critical condition for signaling a potential change in market sentiment.

Expanding the analysis to the weekly chart magnifies ADA's downward path. The series of lowering peaks and troughs accentuate the existing market sentiment, compounded by ADA's struggle to surpass significant moving averages. While ADA is maintaining above the psychological support level of $0.40, it remains below notable Fibonacci retracement levels.

In conclusion, ADA's journey towards a bullish reversal depends on its ability to achieve a sustained breakthrough above the $0.47 resistance. Without decisively surpassing this crucial level with substantial trading volume, ADA is likely to continue facing obstacles in altering its trajectory towards a more favorable market sentiment.