Cardano (ADA) Bulls Stop the Bleeding and Target $0.72

Cardano (ADA) continues to trade downward, falling within the lower portion of a descending parallel channel that has been in place for nearly a year.

While ADA repeatedly prevented a breakdown from the $0.60 level, it finally gave in this week and currently trades below this level.

Unless Cardano reclaims this crucial level, the long-term trend will remain bearish.

Let’s examine the charts and determine if there is any chance of a bullish trend reversal.

Cardano’s Bearish Price Action

The weekly chart shows that Cardano’s ADA has been in a steady decline since December 2024, when it reached its cycle high of $1.33.

Since then, ADA has moved within a descending parallel channel, a corrective pattern that typically ends with an upward breakout — but that hasn’t been the case this time.

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Instead, ADA was rejected at the channel’s resistance in September, triggering a sharp drop.

In October, the token briefly dipped to $0.27, testing the channel’s support before bouncing back to reclaim the $0.60 zone.

However, that rebound was short-lived — ADA broke below its support level this week, and the price is now trading below that key level once again.

Momentum indicators paint a bearish picture, lending legitimacy to the breakdown.

The Relative Strength Index (RSI) is below 50, and the Moving Average Convergence/Divergence (MACD) has made a bearish cross.

Because of the price action and indicator readings, Cardano’s prediction is bearish unless the price reclaims the $0.60 area.

Will Cardano Break Down?

The daily price action shows that ADA completed a corrective, A-B-C bounce starting in April 2025.

The ensuing downward movement is impulsive, and the price of Cardano could be in wave four of a five-wave downward movement (black).

After breaking down from the wedge and confirming its bearish trend, the ADA price fell below the $0.72 horizontal area.

If the corrective wave four bounce continues, the area will likely provide resistance.

Hence, the ongoing ADA bounce is unlikely to lead to a bullish trend reversal, but rather create a lower high before the downward trend continues.

The lack of bullish divergences in the RSI and MACD supports this hypothesis.

Cardano’s Bearish Trend Has Begun

Momentum indicators are bearish, and ADA has broken down from its long-term horizontal support level.

Unless the ADA price reclaims the $0.60 support area, the long-term trend will remain bearish.

Today, there are no signs that the Cardano price will initiate this bounce and move above $0.60.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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