Elliott Wave analyst V has cautioned that Cardano ($ADA) may not have reached its final bottom, leaving open the possibility of a further decline if the token loses a key technical support level.\nIn his assessment, V identified Cardano as a strong candidate among cryptocurrencies to establish a fresh low. He emphasized that a breakdown below the lower boundary of the asset's ascending price channel would strengthen this bearish outlook. Elliott Wave analysis, the method behind his call, is a widely followed technical approach that maps price movement into wave patterns and frames its forecasts as scenarios contingent on defined chart levels holding or breaking.

Potential Slide Toward $0.14

According to the chart accompanying V's analysis, Cardano has traded within an ascending channel since bottoming at $0.1384 in June 2026. The pattern is formed by two upward-sloping trendlines, with the lower boundary providing support during earlier pullbacks.

However, $ADA has recently moved back toward that lower trendline after retreating from the $0.28 region in early October. At the time of the analysis, the token traded around $0.217, placing it near what the analyst views as a critical support area. That positioning is what gives the level its weight: while the trendline holds, the ascending structure that has shaped price action since June stays intact, and a decisive loss of it is the specific condition V has tied to his bearish case.

V's chart also outlines a potential decline toward $0.14 should $ADA decisively break below the channel. He labeled that level as "confirmation," implying that a deeper correction would validate the bearish scenario.

Despite the cautious outlook, V indicated a willingness to buy $ADA again if the cryptocurrency establishes another low.

Context: June's Drop to $0.14

Cardano last traded near $0.14 in late June 2026, when its price plunged to approximately $0.1384. Rising tensions within the ecosystem at the time, including reports that founder Charles Hoskinson was taking a short break from the project, contributed to the market uncertainty surrounding $ADA.

The token subsequently recovered from that low, climbing toward $0.28 this month before pulling back alongside the broader cryptocurrency market. That history explains why the June trough remains the reference point in the current setup: it marks both the launchpad of the token's most recent advance and the area V's projected decline would revisit.

While some market participants may believe $ADA has already experienced the worst of its downturn, V's analysis suggests that a breakdown below the ascending channel could trigger another decline toward the June low.

Ali Martinez Also Warns of a Cardano Breakdown

V is not the only analyst anticipating further downside for Cardano. Market analyst Ali Martinez has also issued a warning that $ADA could face a deeper correction.

Martinez noted that Cardano traded within a rising parallel channel from late June, climbing from $0.138 to a high of $0.282. He indicated that $ADA broke below the channel's lower boundary after the token dropped below $0.22, signaling that a correction could be underway. His reading mirrors the structure in V's chart, with the lower boundary of a similar channel formation serving as the pivot for the bearish case in both analyses.

Martinez further identified $0.220 as a key resistance level. As long as $ADA remains below that threshold, he projects that the token could face a roughly 20% decline toward $0.166. Under his framing, the level that formed the channel's lower boundary now acts as resistance, making price behavior around $0.220 the deciding factor for whether his projected scenario stays in play.

For now, it remains uncertain whether $ADA will experience a significant downturn below $0.20. Between V's ascending channel boundary and the $0.220 threshold Martinez flagged, the levels to watch are clearly defined, and it is price behavior around them that both analysts' scenarios ultimately hinge on.