Cardano's price has decreased by around 11% since its summit in April, and things could get worse. Ada shows signs that it is not only a short -term decline.
The latest graphic models suggest a deeper correction in the work, especially after the token failed to break above a key resistance level. At present, Ada Price is uncomfortably close to a major breakdown area.
Ada Price rejected with key resistance, the downward trend can continue
Cardano has negotiated in a descending channel Since the end of 2024. It is a classic lowering motif, and each time ADA has tried to go out, it was overthrown. ADA was rejected again at the top of this channel, around the bar of $ 0.73, and this was also noted by Ali Charts in a post X. It is the same level as the Fibonacci trace line of 0.786, which often acts as a strong resistance in a declining market.
After this rejection, ADA quickly fell below 0.618 FIBONACCI at $ 0.68 and now oscillates about $ 0.66. This type of price action is not unusual in a downward trend. According to the graph published by Analyst Ali ChartsCardano is now going to the middle of the channel, which aligns with the level of 0.5 fibonacci at around $ 0.63. If this support does not hold, the following stop could be down $ 0.54, right next to the level of 0.382 Fibonacci.
The structure that we see on the graph point towards lower tops and coherent lower stockings, a sign of lower momentum. Since December 2024, ADA Price has tested the upper limit of this channel several times but has not owned gains. Each rejection has led to a lower movement, and this time does not seem very different.
Cardano Prospects Prix: Eyes on $ 0.63 and $ 0.54
Looking at the wider image, the price of the ADA could have more pain if the current levels give in. Ali Charts also pointed out that the $ 0.63 area is more than a simple Fibonacci level. He aligned himself with the chain's midline, which acted as a pivot point in the past. The loss of this would point out a stronger move to $ 0.54 or even more.
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The rejection of prices to the resistance, the non-climb above the canal and the regularly lowered pressure are all signals that the bulls find it difficult to regain control. If this trend continues, ADA could slide towards the lower edge of the canal, somewhere near the $ 0.44 or $ 0.38 area. These levels correspond to the retrace lines of the FIB 0.236 and 0.382 depending on the full movement of the top of $ 1.21 at the lowest of $ 0.26.
Currently, any hope of bullish overthrow would require that AD will break completely above the canal and freak 0.73 $ in solid support. This seems unlikely in the short term, especially given how Cardano behaves on the graphics shared by Ali.
Thus, although the level of $ 0.63 can offer temporary support, the situation as a whole still promotes bears. Unless changes in feeling or new fundamental principles are at stake, ADA could be on the point of retest of painful stockings.
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