Analyst Sees Cardano Falling to $0.092 as ADA Drops Below $0.20

Cardano (ADA) could extend its prolonged decline, with analyst KhaldHegazy projecting a potential fall to $0.092 before a deeper low of $0.0715.

The bearish scenario was first outlined in mid-October and reaffirmed in the early hours of October 30. He maintains that Cardano's projected downside remains in play, particularly after the token slipped below the $0.20 mark—a round-number level often watched by traders—to trade around $0.1936.

Final Downward Wave Imminent?

ADA has followed a prolonged downward structure since its late-2024 decline, according to KhaldHegazy's weekly chart. His wave-count analysis—a charting method, most closely associated with Elliott Wave theory, in which price cycles are mapped into labeled waves to frame directional scenarios—suggests the token has completed the penultimate wave, labeled XX, and is now approaching what he views as the final bearish wave.

The same weekly chart highlights a shaded resistance zone between $0.24 and $0.30, a significant price area that KhaldHegazy labeled "Test." Within this framework, he identified $0.2851 as the level that would invalidate his bearish projection if ADA recovered above it, giving the scenario a clearly defined upside test.

Notably, ADA traded around $0.28 earlier this month, inside the highlighted zone, before reversing lower. The token has since slipped back below the area and now trades around $0.1936, keeping the analyst's downside scenario in focus.

Potential 52%–63% Decline

KhaldHegazy identified $0.092 as ADA's first downside target, a level below the round-number $0.10 mark. His chart suggested that if the token falls below that level, the price could extend toward a second bearish target of $0.0715—a level that sits close to the historical low of $0.0693 marked on the chart, roughly 3% above it.

Measured from ADA's price of $0.1933, a decline to $0.092 would represent a drop of roughly 52%, while 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 a broader cryptocurrency market pullback following reports of a $6.3 billion Binance-related hack—a notable source of market stress given Binance's position among the world's largest cryptocurrency exchanges. 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, while Bitcoin and Ethereum had dropped 1.69% and 2.01%, respectively. Cardano had lost 21% over the past month, underscoring its persistent weakness and the challenges it faces in recovering recent losses.