Cardano Crashes Through $0.67 Support—Is This a Buying Opportunity or the Start of a Deeper Dive?

ADA bulls are sweating as Cardano’s price tumbles below a key psychological level. The ’Ethereum killer’ now faces its toughest test since the 2023 bear market.

Technical breakdown or temporary shakeout? The charts show ADA hovering near May 2024 lows, with trading volume spiking 40% on the drop—classic capitulation or accumulation? Meanwhile, the ’geniuses’ who called $10 ADA by EOY 2024 are suspiciously quiet.

Next support levels loom at $0.58 (December 2023 swing low) and $0.45 (the ’we might as well be dead’ zone). On-chain data reveals whales moving stacks to cold storage—either preparing to dump or playing the long game. With staking yields still at 3.2% (about as exciting as a bond fund), retail traders are fleeing to hotter narratives.

The real question: Is this the flush before Cardano’s next big upgrade pumps life back into the project, or proof that even ’academic rigor’ can’t defy crypto gravity?

Cardano Continues Week-Long Fall as All Eyes are On Where ADA Will Go Next

At the start of the year, Cardano was a part of a key group of cryptocurrencies that had immense price potential. ADA, Solana (SOL), and Ripple (XRP) were the next in line to follow the prominent rise of Bitcoin and Ethereum. That still appears likely, as odds for an ADA ETF have increased to the 75% mark.

However, that has not helped the price performance in the short term. Indeed, Cardano has fallen below the $0.67 mark, with all eyes on what’s next for ADA. Specifically, it dropped more than 4% on Monday, continuing its 6% drop over the last seven days, according to CoinMarketCap.

In the NEAR term, there are two outcomes that become the focal point. First, bulls can reclaim the price movement. Specifically, they can help ADA retest at $0.66 and eventually break through to the $0.7 mark, where a host of outcomes begin to open up. Alternatively, bears could drive the slide even further to the $0.55 mark.

For now, all eyes are on the $0.65 level as the next key support. If that holds, there could be a surge in the asset’s future. At that point, a break for ADA toward both $0.76 and even $1 is not out of the question. However, if it does not, the $0.63 emerges as a key support with bearish pressure threatening to drive it even further down.