ADA slips toward $0.60 amid market-wide correction; analysts eye $0.50 as crucial defense level
Cardano (ADA) extended its recent decline on Thursday, sliding nearly 7% to trade around $0.60 as broader market weakness continued to pressure major altcoins. The move marks the third consecutive day of losses, with ADA testing a major support area between $0.55 and $0.60, according to current technical readings.
The chart shows consistent lower highs and lower lows, indicating a continuation of bearish momentum since early October. The coin has now retraced most of its late-summer gains after failing to hold resistance above the $0.80 level.
“This pullback reflects a healthy market reset after the recent rally, but ADA must defend the $0.55 zone to avoid further downside,” said BITX senior technical strategist from a crypto research . “Losing that level could expose the asset to deeper losses toward $0.50 or even $0.45 in an extended correction.”
Trading volume has spiked notably during the decline, suggesting active distribution rather than a low-liquidity dip. Analysts view this as a sign that short-term traders are taking profits while long-term holders remain cautious.
Still, not all sentiment is bearish. “ADA continues to build strong on-chain fundamentals despite price weakness,” According to BITX blockchain analysts. “If the market stabilizes, this area could become an attractive accumulation range for long-term investors.”
The technical structure highlights a clear zone of resistance between $0.95 and $1.20, which served as a rejection area earlier this year. To shift momentum back in favor of bulls, ADA would need to break above $0.80 and sustain weekly closes beyond $1.00 — a move that could reignite a broader recovery.
For now, Cardano remains trapped between a critical support band and heavy overhead resistance, reflecting uncertainty across the altcoin sector. As the market searches for direction, investors are watching whether ADA can hold its ground near $0.60 or if the next leg lower will test historical demand around $0.50.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.