ADA Extends Steep 67% Decline as $ADA Nears Key Support Zone

⬤ Cardano kept sliding this week, pushing toward a make-or-break support zone after weeks of brutal selling pressure. The token has crashed more than 67% from last year's high, and now traders are debating whether we're finally hitting levels where big players might start loading up again. Right now, ADA's bouncing around the $0.40 mark after breaking down from its mid-range structure and failing hard to get back above $0.51 resistance.

⬤ The chart's telling a pretty clear story—relentless bearish momentum with ADA trading under its short-term moving averages and heading straight for deeper support levels. There are two key zones everyone's watching: $0.5132, which used to hold as support before it broke, and $0.2760, which is a long-standing demand area that's held up before. The momentum indicators aren't looking great either—RSI's sitting near oversold while the ADX is climbing, showing this downtrend's got some real strength behind it. This whole mess reflects the broader altcoin bloodbath after ADA couldn't hold the $0.70–$0.80 range earlier this year.

⬤ Market vibes are pretty cautious right now, though some traders are eyeing that $0.20–$0.27 zone as a potential spot to dollar-cost average if things keep dropping. That price range is getting talked up as an attractive long-term entry point for anyone willing to bet on a comeback. The constant selling across altcoins hasn't helped ADA's recovery attempts—the token's been losing support level after support level over the past few months.

⬤ Why this matters: how ADA acts around these major support zones could set the tone for the whole struggling altcoin sector. If we see a strong bounce here, it might signal that risk appetite's coming back. But if support breaks and we keep falling? That's probably going to push even more traders into defensive mode across the digital asset market. Whatever happens next around ADA's support area will likely determine where altcoins head in the near term.