The post Renowned Analyst Warns Of Cardano Drop As Key Resistance Trigger Rejection appeared on BitcoinEthereumNews.com.

Cardano has been rejected from the descending channel, and if the bears take charge, the crypto can decline further to $0.63 or $0.54. A symmetrical triangle pattern is forming, but indicators like RSI and MACD suggest weakening momentum. Despite whale accumulation in April, falling open interest and macro uncertainty point to cautious sentiment around ADA’s next move. Cardano ($ADA) has been rejected at the upper boundary of a descending parallel channel, according to a chart shared by analyst Ali Martinez. The rejection near $0.68 indicates a possible move toward $0.63 or even $0.54 if downward pressure continues. This bearish channel was established as early as the second half of 2024, and the chart was posted on May 6, 2025. Martinez’s analyst demonstrates that ADA has lower highs and lower lows with a multi-month downward-sloping channel. This rejection occurred at 0.618, which is significant because it often presents a reversal zone in prior periods. However, this is only possible if bulls do not regain the top of the channel, as it remains in the process of possibly going lower. Source: X At press time, Cardano is trading at $0.6604, dropping by 5.54% in the last 24 hours. Since the price is currently trading below the 50-EMA of $0.6704, technical conditions support a cautious stance. Prices slipping below $0.63 may lead to further retracement towards the next support at $0.54 near Bollinger bands and demand level. Triangle Pattern Builds, But Momentum Signals Bearish Bias Analyst Token Talk and Carl Moon pointed out a symmetrical triangle with the Cardano 4-hour chart. Current support and resistance levels have made higher lows, with ADA price forming a bullish pattern, and high volatility typically follows. Bullish analysts believe that $ 0.7730 will be the level from which the currency pair will break out. However, a breakdown…

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Filed under: News - @ May 7, 2025 3:24 am