Cardano Faces Downtrend Risk If Key Support Not Reclaimed

Cardano (ADA) has reached multi-month lows and is currently attempting to maintain crucial support. Key observations include:

ADA saw a 4.5% daily increase after bouncing from $0.51.
The cryptocurrency lost the critical $0.66 support ten days ago, leading to seven consecutive daily declines.
Analysts suggest that without reclaiming $0.66, further downtrend is expected.
Market watchers indicate possible downward pressure if prices remain below the descending trendline.
A retest of $0.52 occurred, with a close around $0.56 indicating a potential double-bottom setup on ADA’s chart.
A confirmed rebound could target $0.99, $1.20, and $1.50 resistances.
Failure to hold this area may result in a retracement to $0.32.
Some analysts see a potential triple bottom structure forming, which could lead to a bullish reversal.

As of now, Cardano is trading at $0.54, reflecting a 15.6% decline over the week.