Cardano News Today: Cardano's $0.62 at a Critical Point: Bulls Eye $2.96, Bears Aim for $0.50
- Cardano (ADA) faces a 20% monthly decline near $0.64, with analysts divided on its potential for a bullish breakout or further losses. - A critical $0.63–$0.64 support defense could trigger a 333% surge to $2.96, while a breakdown below $0.62 risks a drop to $0.50. - Whale accumulation of 200M ADA tokens and stable market cap ($22–$25B) contrast with broader crypto market weakness affecting ADA, Bitcoin, and Ethereum. - Short-term momentum indicators show improved buying pressure above $0.67–$0.68, but f
Cardano (ADA) is at a pivotal point as its value attempts to rebound from a 20% drop over the past month, currently hovering around $0.64 amid conflicting technical and on-chain signals. Experts remain divided on whether ADA can maintain upward momentum or if additional declines are likely. The coin’s immediate direction will depend on its ability to maintain essential support levels and leverage positive momentum signals.
From a technical standpoint,
On-chain metrics paint a different picture. Large investors have been increasing their holdings, accumulating approximately 200 million
Short-term indicators provide additional insight. Both the Relative Strength Index (RSI) and Chaikin Money Flow point to strengthening buying interest, with ADA holding above key support as of October 19, according to
Wider market dynamics add further uncertainty. Although Cardano’s ecosystem is advancing with upgrades like Hydra scaling and Midnight privacy features, the Bitcoinist report notes that the broader crypto market has lost steam, with ADA joining
Experts emphasize that ADA’s recovery will depend on fundamental factors. “The $0.62 mark is crucial,” said Javon Marks, explaining that holding this level could confirm a symmetrical triangle breakout pattern that has been forming since early 2024, as reported by Coinotag. Conversely, a breakdown would likely lead to a retest of previous demand zones, potentially postponing a full recovery until early 2026, according to CoinCodex.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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