Elliott Wave analyst V has warned that Cardano has yet to reach its final bottom, raising the possibility of another decline if ADA breaks below a key technical support level.
V identified Cardano as a strong candidate for a cryptocurrency that could establish a new low. Notably, he emphasized that a breakdown below the lower boundary of its ascending price channel could strengthen this bearish outlook.
Cardano Risks Falling to $0.14
V’s accompanying chart shows Cardano trading within an ascending channel since it reached a low of $0.1384 in June 2026. The pattern consists of two upward-sloping trendlines, with the lower boundary providing support during previous pullbacks.
However, ADA has recently approached this lower trendline after retreating from the $0.28 region in early October. At the time of the analysis, it traded around $0.217, placing it near a critical support area.
Moreover, V’s chart projects a potential decline toward $0.14 if ADA decisively breaks below the channel. He marked this level as “confirmation,” suggesting that a deeper correction could validate the bearish scenario.
Despite this outlook, V indicated a willingness to buy ADA again if the cryptocurrency establishes another low.
Previous Drop to $0.14
For context, Cardano last traded around $0.14 in late June 2026, when its price plunged to approximately $0.1384. Rising tensions within the ecosystem, including reports of founder Charles Hoskinson taking a short break from the project, contributed to the market uncertainty surrounding ADA.
Cardano subsequently recovered from that low, climbing toward $0.28 this month before retreating alongside the broader cryptocurrency market.
Although some market participants may believe ADA has already experienced the worst of its downturn, V’s analysis suggests that a breakdown below the ascending channel could trigger another decline toward the June low.
Ali Martinez Also Warns of a Cardano Breakdown
Meanwhile, V is not the only analyst anticipating further downside for Cardano. Market analyst Ali Martinez has also issued a warning that ADA could face a deeper correction.
He noted that Cardano traded within a rising parallel channel from late June, climbing from $0.138 to a high of $0.282. However, he indicated that ADA had broken below the channel’s lower boundary following the token’s drop below $0.22, signaling that a correction could be underway.
Martinez further identified $0.220 as a key resistance level. As long as ADA remains below that threshold, he projects that ADA could face a roughly 20% decline toward $0.166.
In the meantime, it remains uncertain whether ADA could experience a significant downturn below $0.20.