Cardano price tests key support near $0.60 as participants await its next major move.
Cardano’s recent slide has caught traders’ attention as Cardano price cools off after a strong rally earlier this week. The drop to around $0.64 reflects short-term profit-taking and broader market uncertainty.
ADA Cardano Price Drops Back Lower
Cardano’s price has slipped to $0.64, marking a 4% decline over the last 24 hours. The market capitalization now stands near $23.53 billion, with daily trading volume hovering around $1.82 billion, showing moderate activity despite the pullback. The correction follows several days of volatility, reflecting short-term profit-taking across the broader altcoin market.
Cardano price is trading around $0.64, down -4.03% in the last 24 hours. Source: Brave New Coin
While the dip has drawn attention, ADA Cardano price continues to hold above its mid-range support structure, suggesting that bulls may attempt to defend this zone. As long as the price remains above $0.60, the structure remains technically intact, with potential for renewed upside once buying momentum stabilizes.
Key Levels to Watch for Cardano Price Recovery
The chart shared by Ali Martinez highlights that Cardano is still coiling within a large symmetrical triangle, a structure that typically precedes strong directional moves. The immediate resistance sits at $0.80, and a confirmed breakout above this zone could open a path towards $1.70, based on the triangle’s measured move projection.
Cardano price continues to consolidate within a symmetrical triangle, with participants eyeing a potential breakout above $0.80 for a bullish continuation. Source: Ali Martinez via X
On the downside, the $0.60 to $0.62 range remains critical support. Holding this zone would keep the pattern constructive, but a breakdown below could delay recovery attempts. Participants are closely watching whether ADA can reclaim the mid-level resistance near $0.70, which would strengthen the case for an eventual breakout.
Holding the Ascending Channel is Crucial
Cardano price is testing the lower boundary of its long-term ascending channel, a trend structure that has guided price action since early 2023. Historically, each touch of this channel base has resulted in substantial rebounds, making the current test an important inflection point.
ADA tests the base of its long-term ascending channel, a level that has historically sparked strong rebound phases. Source: CW8900 via X
If Cardano price maintains support here, a gradual recovery towards the channel’s midline near $0.90 could follow. However, a decisive breakdown below this line would invalidate the broader uptrend and expose the next key supports near $0.55 to $0.50. Whether ADA can sustain this trend will likely determine its direction heading into November.
Bearish Momentum Emerging on Weekly Chart
Recent signals from Trend Rider suggest that bearish developments are beginning to surface. The weekly chart has started flashing red waves, a condition that typically signals increasing downside momentum and a cooling market structure. While not fully confirmed yet, it implies that buyers are losing short-term control.
Cardano’s weekly chart shows early bearish signals, with red waves indicating weakening momentum and rising downside pressure. Source: Trend Rider via X
For now, ADA’s critical support remains near $0.57, aligning with the lower band of the EMA ribbon. A breakdown below that could accelerate losses towards $0.50, while a reclaim of $0.68 would be needed to neutralize bearish pressure.
Final Thoughts: A Decisive Zone for Cardano’s Next Move
Cardano price consolidation between $0.60 and $0.70 has now reached a make-or-break stage. Both technical and sentiment-based indicators suggest the market is waiting for a catalyst, either a breakout above $0.80 for bullish continuation or a breakdown below $0.57 that could extend weakness.
Despite short-term bearish signals, ADA’s long-term ascending channel and consistent support reactions continue to provide a constructive base. As volatility compresses, the coming days may define whether Cardano’s next major move sets the tone for a sustained recovery or a deeper retracement phase.
