Nov 6, 2025
3 0
Cardano Retests Support Level in Parallel Channel Amid Price Decline
An analyst highlights that Cardano is testing a key support level within a Parallel Channel, a consolidation pattern in technical analysis.
Key Points
- Cardano's price has been moving within a Parallel Channel since November 2024.
- The current price is near the channel's lower boundary at $0.52, a point where it has rebounded multiple times.
- A breakout above the channel could signal a bullish trend, while a drop below may indicate a bearish trend.
Ethereum is also trading within a Parallel Channel since 2021, with its price recently facing resistance and declining.
Current Prices
- Cardano (ADA): Approximately $0.547, down over 16% in the past week.
