The post Top Analyst Identifies $0.62 Downside Target for Cardano appeared on BitcoinEthereumNews.com.

Cardano rejected from lower trendline after failing to reclaim $0.90 support. Analyst projects potential correction to $0.62, representing 24% decline. Fibonacci levels at $0.808 and $0.785 could provide intermediate support. Market analyst Dan Gambardello has outlined potential downside targets for Cardano following recent price rejections from key technical levels. The analyst examined ADA’s macro setup and identified failed attempts to reclaim crucial support zones. Gambardello attributes current bearish trends to price manipulation, arguing that forces are suppressing altcoin breakouts despite increasing institutional and nation-state cryptocurrency adoption. He maintains that market conditions should favor higher prices at this stage of the business cycle. Altcoins REJECTED Again! CRYPTO Tension Reaching A BREAKING POINT… Intro 00:00Altcoin coiling 2:00itrustcapital 4:50Cardano macro setup 5:45ADA dip target 8:15 pic.twitter.com/N115FmQrKX — Dan Gambardello (@cryptorecruitr) October 8, 2025 The daily chart analysis shows Cardano lost support around $0.90 following a 6.7% decline on September 22. Bulls attempted to reclaim this trendline level, pushing prices to $0.89 on October 3 before facing rejection. Mid-$0.60s identified as primary downside target The failed reclaim attempt has placed Cardano in bearish territory according to Gambardello’s assessment. The analyst projects a potential correction to the mid-$0.60 range, with specific downside target around $0.62. This projection represents a 24% decline from current market prices near $0.823. The downside scenario assumes continued pressure on ADA without successful defense of intermediate support levels. However, Gambardello noted that Cardano may not correct to the full depth of this target. Fibonacci retracement levels could provide support that prevents deeper price declines. The 0.618 Fibonacci level sits at $0.808, while the 0.786 level is positioned at $0.785. These technical markers could cushion downward price movements and potentially trigger bounce attempts from buyers. Cardano currently trades above both the 20-week and 50-week moving averages, adding additional support layers. The 20-week…

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Filed under: News - @ October 8, 2025 8:28 pm