Top Chartist Forecasts a Big Cardano Move as Multi-Month Support Breaks

Cardano could be gearing up for a massive price move, as recent analytical exposition highlights a multi-month support breach.

Cardano (ADA) has joined the broader market correction, fueled by heightened whale selloffs and macroeconomic uncertainties. Despite a decent 2.26% bounce today to trade at $0.492, ADA has corrected 15.8% and 21.6% over the past week and month, respectively.

Major Cardano Move Incoming

For perspective, bulls have defended the support around $0.512 since ADA reclaimed and retested the zone in early November 2024. Efforts to break below with lows of $0.512 in February, April, and June have all sparked a significant rebound from the area to higher prices.

Cardano Breaks Below Crucial SupportNonetheless, recent bearish actions saw the support fold. Cardano dropped to a low of $0.491 on November 14, and although it reacted slightly the next day, the predominant price weakness led to a further drop to a low of $0.474 on Sunday.