The recent plunge in the cryptocurrency market has hit Cardano’s ADA hard, causing it to dip to multi-month lows. Analysts are warning of a potential further decline of up to 75% in the near term.

Continued Struggles for Cardano Investors

Just a few hours ago, ADA dropped to 0.27, marking its lowest point since August 2024. As per CoinGecko’s data, it is currently trading at approximately $0.29, reflecting a 15% decrease over the past week.

ADA Price ADA Price, Source: CoinGecko

Renowned analyst DrBullZeus stated that ADA is approaching a critical support zone between $0.24 and $0.28, asserting that dropping below this range could potentially lead to a price crash down to $0.125 or even $0.075.

Trader Matthew Dixon commented that ADA has retraced in three waves since its local top towards the end of 2024. He highlighted $0.24 as a crucial support level, suggesting that as long as it holds, ADA might see a rebound.

“A break of support would be a serious concern,” he cautioned.

Prior to this, Harmonic Trader forecasted that ADA might drop below $0.10 within six months. They argued, “Currently, a 10 billion market cap, this thing is not even worth $1 billion.”

Is a Recovery on the Horizon?

Despite ADA’s slide, some analysts remain hopeful for a recovery. One analyst, using the pseudonym Lucky, solicited feedback from almost two million followers regarding whether they plan to increase their holdings at present prices, envisioning a potential surge to nearly $1 soon.

Analyst LaPetite has also expressed optimism, claiming that ADA is on the brink of a parabolic rise with significant announcements forthcoming.

Recent exchange netflow data from CoinGlass indicates a positive trend as outflows have exceeded inflows recently. This suggests that investors are moving assets off centralized exchanges to self-custody, thereby reducing the immediate selling pressure.

ADA Exchange Netflow ADA Exchange Netflow, Source: CoinGlass