Analyst KhaldHegazy expects Cardano to extend its prolonged decline, potentially falling to $0.092 before reaching a deeper low of $0.0715.
The analyst initially outlined the bearish forecast in mid-October and reaffirmed it in the early hours of October 30. He maintains that Cardano’s projected downside remains in play, particularly after the token fell below $0.20 to $0.1936.
Cardano’s Final Downward Wave Imminent?
According to KhaldHegazy’s weekly chart, ADA has followed a prolonged downward structure since its late-2024 decline. His wave-count analysis suggests that the token has completed the penultimate wave, labeled XX, and is now approaching the final bearish wave.
The chart also highlights a shaded resistance zone between $0.24 and $0.30, which represents a significant price area. KhaldHegazy labeled this region “Test” and identified $0.2851 as the level that would invalidate his bearish projection if ADA recovered above it.
Notably, ADA traded around $0.28 earlier this month before reversing lower. However, the token has since fallen below the highlighted zone and now trades around $0.1936, keeping the analyst’s downside scenario in focus.
ADA Faces Potential 52%–63% Decline
KhaldHegazy identified $0.092 as ADA’s first downside target. Moreover, his chart suggested that if ADA falls below that level, the price could head towards the second bearish target of $0.0715.
The latter target sits close to the historical low of $0.0693 marked on the chart. From ADA’s price of $0.1933, a decline to $0.092 would represent a drop of about 52%. Meanwhile, a fall to $0.0715 would extend the potential loss to 63%.
Binance-Related Hack Adds to Market Pressure
ADA’s latest decline comes amid broader cryptocurrency market pullback following reports of a $6.3 billion Binance-related hack. Bitcoin, Ethereum, and other major digital assets have also recorded losses as concerns surrounding the incident weighed on market sentiment.
At press time, ADA had declined 2.26% over the past 24 hours. Bitcoin and Ethereum had also dropped 1.69% and 2.01%, respectively.
Furthermore, Cardano had lost 21% over the past month, underscoring its persistent weakness and the challenges it faces in recovering recent losses.