2025-6-24 23:00 |
With the rough markets over the weekend that saw major coins and altcoins dip, Cardano (ADA) was not spared. ADA price fell below a key technical level and is now under pressure. Veteran analyst Sjuul from AltCryptoGems shared that ADA recent breakdown fits a textbook distribution pattern. His tweet stated that unless ADA reclaims $0.66, further downside may follow.
The tweet and attached chart suggest that larger players may have exited during recent rallies, while retail traders continued to accumulate near the top. Now, with support lost and trend momentum weakening, the outlook remains uncertain for ADA unless price recovery begins soon.
Cardano Price Distribution Schematic and Breakdown IdentifiedThe chart shows that ADA price followed the Wyckoff Distribution Schematic #2, often used to identify market tops. This pattern typically includes a strong uptrend, sideways trading range, false breakouts, and eventual breakdown, all of which are visible in the ADA chart.
The final stage, known as the “upthrust after distribution” (UTAD), was followed by multiple failed retests before the price finally broke down. With $0.66 now acting as resistance, the focus has shifted toward lower levels as long as this key price point remains unreclaimed.
Source: X/SjuulAdditionally, the $0.66 level had served as a reliable horizontal support since late January. It was tested several times and held, making it a strong area of demand. With that level broken, attention now turns to $0.50 and $0.45, the last known consolidation zone before ADA price previous breakout.
Any bounce toward $0.66 could face resistance. Without a strong move back above this line, price action remains biased to the downside.
Cardano Lower Highs Signal Ongoing WeaknessSince March, ADA price has formed lower highs, reflecting bearish momentum. The current move reinforces that trend, suggesting that the sellers remain in control. Unless volume steps in and the price reclaims $0.66, the asset may continue drifting lower toward previous support zones.
The market remains on alert as ADA attempts to stabilize. According to Sjuul’s post, buyers may need to wait until the structure improves before momentum returns.
Read Also: Here’s Why the Crypto Market Is Down Today as Bitcoin Recovers From $99K Low
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The post Expert Warns Cardano (ADA) Price May Struggle – Here’s Why appeared first on CaptainAltcoin.
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