Widely followed crypto analyst Tony has predicted that Cardano could decline toward $0.19 after failing to break above a key resistance level.
In his latest update, Tony warned that Cardano could be gearing up for a move toward $0.19 following ADA’s rejection above the $0.23 resistance zone. His chart suggests that the token has struggled to sustain its recovery, raising the possibility of another decline.
At the time of the projection, ADA had fallen below $0.22 as the broader cryptocurrency market faced renewed selling pressure.
ADA Chart Highlights Potential Retest of $0.19 Support
The accompanying daily ADA/USDT chart on Bybit shows that Cardano rallied from around $0.14 in late June to $0.28 in early October. However, the recovery lost momentum after ADA encountered resistance near the $0.28 region.
The token subsequently reversed lower, breaking below $0.23 and extending its decline toward $0.2174 in the hours leading up to press time. Consequently, the $0.23 zone has become a key resistance level that ADA must reclaim to strengthen its recovery prospects.
Against this backdrop, Tony’s projection points to a potential decline toward horizontal support around $0.19 before another recovery attempt. The white arrows on his chart illustrate a possible move below this support area, followed by a rebound toward $0.22.
Nevertheless, the chart outlines a potential scenario rather than a confirmed price movement. If selling pressure pushes ADA decisively below $0.19, the token could face further downside. Conversely, a rebound would depend on renewed buying pressure and the market’s ability to sustain a recovery.
Cardano Leveraged Traders Suffer $480K in Liquidation
Meanwhile, Tony shared his outlook as Cardano faced selling pressure amid a broader cryptocurrency market downturn. The weakness has also affected leveraged traders, with more than $160 million in leveraged positions liquidated across the market over the past 24 hours.
Cardano accounted for $480,000 in liquidations. Long positions made up roughly $423,060, while short positions accounted for about $57,350. This breakdown indicates that bullish traders absorbed most of ADA’s liquidation losses during this period.
At the time of the report, Cardano ranked as the 15th-largest cryptocurrency, with a market cap of $7.95 billion.
With ADA trading below $0.22 and facing resistance around $0.23, traders will be watching whether the token continues its decline toward the $0.19 support zone highlighted in Tony’s analysis.