Cardano has been trading within a descending channel, struggling to generate upward momentum.
With its price now at $0.58, the path to $1 remains unlikely under current market conditions.
ADA is trading near the lower trendline of a symmetrical triangle and risks breaking below $0.54.
Weighed down by current market conditions and low demand, Cardano’s (ADA) price keeps struggling to retest $1. At press time, the cryptocurrency trades at $0.58, representing a 12.62% decline over the past 30 days.
The last time Cardano’s price hit $1 was back in March. Since then, while it has attempted to hit the threshold, all efforts have failed.
For some analysts, this month offers ADA another chance to reclaim the psychological zone. However, several indicators suggest that the altcoin might fail to rally that high in the short term.
Cardano Faces Heavy Resistance
Cardano’s price remains locked within a descending channel on the daily chart — a pattern that has persisted since May 11. This extended downtrend highlights the inability of bulls to break above key resistance levels, reinforcing the dominance of sellers in recent weeks.
As seen below, ADA has made multiple attempts to break above the upper trendline of its descending channel. However, technical indicators suggest that a breakout may not be imminent.
As shown on the daily chart, ADA’s latest breakout effort has lost steam, raising doubts about the potential for a near-term trend reversal.
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One key signal comes from the Awesome Oscillator (AO). The AO has turned red after flashing green bars since June 24.
This shift implies that ADA’s momentum faltered before confirming a bullish breakout.
If this weakness persists, ADA may struggle to clear key resistance levels at $0.72 and $0.84. Much of this outlook, however, hinges on ADA’s ability to hold its critical support at $0.54.
Unless bulls reclaim control and flip resistance zones into support, a move toward $1 appears increasingly unlikely.
ADA Price Analysis: Momentum Still Lacking
Cardano’s setup on the 4-hour chart also appears to show similar signals. In the image below, ADA trades in a symmetrical triangle with equal slopes on the upper and lower trendlines.
However, ADA’s price is currently trading near the lower trendline. This indicates that the altcoin could break below the support line.
In addition, the key Exponential Moving Average (EMA) position also supports this outlook. As of this writing, the 20 EMA (blue) and 50 EMA (yellow) are above Cardano’s price.
If this trend continues, ADA’s value might drop below $0.56. If validated, the cryptocurrency’s next target could be $0.51.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
