Cardano Price Forecast: Will ADA Maintain Multi-Year Support or Breakdown Soon?
Cardano’s recent price action has put the cryptocurrency at a critical juncture, with the digital asset hovering just above a multi-year support trendline. The current price of ADA is around $0.41, and all eyes are on whether Cardano can defend this crucial support level or break down towards $0.30.
The multi-year trendline that Cardano is currently testing has not been breached since 2020 and has historically been a significant factor in sparking major bullish reversals. However, the current retest is taking place against a backdrop of weakening market structure and a lack of strong bid support, leading to concerns among traders about the potential for a deeper decline.
Analysts are divided on the future trajectory of Cardano’s price. While some see the current pullback as a rare buying opportunity with the potential for significant upside, others warn that a confirmed breakdown below the trendline could lead to further losses and a revisit of 2018-level prices.
In the short term, Cardano faces a range of support and resistance levels that will be crucial in determining its price action. The current zone of $0.37–$0.41 is seen as fragile but still relevant, with $0.30 identified as a major liquidity pocket with strong bounce potential. The multi-year trendline represents the last line of defense for long-term holders, with resistance levels at $0.46–$0.50 and $0.62 providing upside targets if Cardano can hold its current support.
Ultimately, the ability of Cardano to defend its multi-year trendline will be crucial in determining its long-term price trajectory. The technical indicators suggest that volatility is likely to remain elevated in the coming days and weeks, making it a critical time for traders and investors to closely monitor Cardano’s price movements and market developments.
