Cardano Faces Downward Pressure After Rejection at Key Resistance Level
Cardano (ADA) is facing renewed bearish momentum after being rejected at the top of its descending channel, according to market analyst Ali.
The technical setup suggests ADA may be poised for a further decline if selling pressure continues.
The chart, shared by the expert indicates ADA failed to break above the upper boundary of a well-defined descending channel that has guided price action since late 2024. This rejection is seen by analysts as a signal that the downtrend remains intact.
Ali notes that if the current pressure persists, ADA could be setting up for a move down to $0.63, with the possibility of falling even further to $0.54 — a level aligned with the lower range of the channel and a key Fibonacci retracement level.
This bearish outlook comes amid broader weakness in the altcoin market, as macroeconomic uncertainties and Bitcoin consolidation weigh on investor sentiment.
Traders are advised to monitor the $0.63 and $0.54 support levels closely. A break below these thresholds could signal further downside, while a breakout above the descending channel would challenge the current trend and potentially reverse short-term bearish momentum.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
