Cardano price is back under heavy pressure, and one of the analysts we regularly follow is not convinced the correction is finished. More Crypto Online, whose Elliott Wave work tends to map b
Cardano price is back under heavy pressure, and one of the analysts we regularly follow is not convinced the correction is finished.
More Crypto Online, whose Elliott Wave work tends to map both the bullish and bearish paths rather than force a single outcome, says the ADA price remains weak in the short term. His latest four-hour Kraken chart leaves room for another decline toward roughly $0.18, with an even deeper level near $0.162 if sellers stay in control.
ADA is currently around $0.203, already below several levels that previously supported the recovery.
The chart treats the current decline as part of a possible larger Wave 2 correction.
ADA previously rallied toward roughly $0.28 before beginning the latest decline. The recovery attempt around $0.225 then failed, and price has since moved back below $0.21.
More Crypto Online marks several Fibonacci levels that define the downside path:
Source: X/@Morecryptoonl
ADA has already lost the 38.2% level and is now hovering just above the 50% retracement around $0.1985.
That makes the next few closes important.
If $0.198-$0.20 gives way, the chart naturally shifts attention toward $0.182. That would put ADA about 10% below its current price.
The more severe version of the correction reaches roughly $0.162, where the 78.6% retracement is located.
The analyst’s wave labels also show a possible five-wave move lower completing somewhere inside this broader retracement zone. In other words, he is not necessarily calling for a collapse. He is mapping where this correction could finish before a larger recovery attempt begins.
The upside levels are much closer than the larger downside targets.
More Crypto Online marks a cluster between roughly $0.217 and $0.226:
That area acted as resistance during the latest bounce.
For me, ADA getting back above $0.225 would be the first useful sign that the current bearish structure is losing control.
Until then, rallies into the low-$0.22s can still be treated as corrective moves inside the larger decline.
The ADA chart also shows a broader rising trend structure overhead, but ADA has already moved well below its former lower boundary. Bulls therefore need more than a one-day bounce to repair the damage.
Read also: This Analyst’s Cardano Price Prediction Could Surprise ADA Holders
The weakness does not appear to come from one new Cardano-specific shock.
Recent reporting has instead described ADA’s decline as part of weaker altcoin conditions and technical selling.
There have actually been some constructive ecosystem developments.
One recent proposal asks Cardano governance participants to approve roughly 22 million ADA from the treasury for a tokenized copper reserve. The vote runs into November, although the proposal is controversial because the economics depend heavily on future copper prices.
Cardano has also continued its push into regulated assets. Recent developments around the CIP-0113 programmable-token standard included Veridian tokenizing company shares on Cardano, giving the network a live example of how compliant securities could potentially be issued as native assets.
Those developments help the longer-term ecosystem story, but ADA traders are clearly prioritizing price structure and broader market conditions right now.
That is why I would not assume positive project news alone will stop the current correction.
I think More Crypto Online’s $0.18 area is realistic if ADA loses $0.198 decisively.
The chart gives us a fairly clean sequence:
$0.20 holds → another attempt toward $0.217-$0.226.
$0.198 breaks → approximately $0.182 becomes the next technical destination.
$0.182 fails → the deeper $0.162 region comes into view.
Personally, I would view $0.18 as the more interesting area before jumping straight to the worst-case target. It lines up with the 61.8% retracement and could offer a logical place for the current corrective structure to finish.
For now, though, ADA has not shown enough to say the bottom is in.
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