Cardano (ADA) Nosedive Alert: Analyst Predicts $0.47 Floor Amid Market Turmoil
Cardano's ADA is staring down the barrel of another brutal sell-off as bearish sentiment tightens its grip. One prominent analyst now warns of a potential plunge to $0.47—a level not seen since the depths of the 2023 crypto winter.
Blood in the altcoin streets
While Bitcoin wobbles near key support levels, ADA's technical breakdown suggests capitulation could be imminent. The 'Ethereum killer' now risks becoming its own worst enemy as development milestones fail to translate into price action.
Silver lining or fool's gold?
True believers point to Cardano's methodical roadmap and peer-reviewed approach—but in a market where 'number go up' is the only theology that matters, even Charles Hoskinson's academic rigor might not save ADA from getting caught in the altcoin slaughter. Remember kids: in crypto, fundamentals are what you cite while watching your portfolio circle the drain.
ADA Price Stuck In Descending Channel
On Friday, June 27, prominent market analyst Ali Martinez took to the social media platform X to share an ominous prediction for the ADA token’s price. According to the crypto pundit, the Cardano price could be heading to around $0.47 for its next support.
This bearish projection revolves around the appearance of a descending channel pattern on the three-day cardano chart. A descending channel is a chart formation in technical analysis characterized by two major trendlines: the upper line acting as the resistance level and the lower line acting as the support level.
The space between these trendlines serves as the channel within which prices MOVE over a period. Typically, the formation of a descending channel suggests the persistence of a downward price trend and lower highs. At the same time, traders can use this pattern to identify optimal entry and exit points.
The Cardano price chart above, for instance, shows that the altcoin price has been in a downward trend since last November. The token seemed to have turned its fortune around after finding support at the lower trendline in early April and running back above the $0.8 level.
However, the Cardano price failed to break the upper trendline at the beginning of May and has since been experiencing a downturn. According to Martinez, the ADA token could fall to as low as $0.47 — around the lower trendline — to find a support cushion.
Moreover, the 1.272 Fibonacci level — used in technical analysis to identify price targets and support or resistance levels — is also around the lower trendline. Ultimately, this means that the Cardano price could fall even lower than its current price point.
Cardano Price At A Glance
As of this writing, the ADA token is valued at around $0.56, reflecting a 1.3% price jump in the past 24 hours. According to CoinGecko data, the price of Cardano is down by more than 3% in the last seven days.
