• Cardano appears to be caught in a downtrend, trading within what analysts call a descending channel. This pattern often suggests continued downward pressure.
• Crypto expert Ali Martinez points to a critical price level: $0.63. Should Cardano fall below this, he suggests we could see a further drop towards $0.54.
• For Cardano to shake off this bearish feeling, it needs to decisively break free from this channel pattern. Otherwise, the current trend looks set to continue.

Cardano is currently testing a crucial support level around $0.63. This observation comes from a recent chart analysis shared by well-known crypto analyst, Ali Martinez. Looking at the price charts, it’s clear ADA’s price action is unfolding within a descending channel. The worry is, should it break below this $0.63 support, we might see the token price slide further, potentially into the $0.5 range.

Cardano Price Under Pressure at a Key Support Point

Right now, Cardano is trading at $0.6399. While it recently enjoyed a healthy 17.7% jump over the past week, it’s also faced a 3.2% dip in the last 24 hours. Zooming out a bit, Cardano’s been on a downward path since the start of 2025, consistently forming lower peaks and troughs – a classic sign of a downtrend.

Diving deeper into the charts, analyst Martinez’s three-day view reveals this descending channel that has been guiding ADA’s price for months. Interestingly, the lower edge of this channel is now very close to that $0.63 support area we’ve been discussing.

Could Cardano Price Dip Further to $0.54?

Looking at the technical charts, there’s a suggestion that if Cardano breaks down below this $0.63 mark, we could see a move towards $0.54. This $0.54 level is actually quite significant as it lines up with the 0.618 Fibonacci retracement – a level often watched by traders.

Adding to the cautious outlook, ADA hasn’t managed to consistently close above the 0.382 Fibonacci level at $0.7339. This lack of upward momentum, combined with recent rally attempts being turned away at the top of the descending channel, paints a picture of potential weakness.

Related: ‘Long Forgotten Now’: Gambardello Offers Historical Context for BTC and ADA Lows

This descending channel is really acting like a lid on the price, indicating strong control from sellers. To change this bearish narrative, Cardano needs to push decisively above the channel’s upper boundary and reclaim that $0.73 level. Until that happens, the prevailing downtrend could very well continue.

Is Cardano’s Recent Google Search Surge a Hint of a Rally?

Interestingly, while chart analysis points to caution, there’s another indicator suggesting a different possibility: rising global interest in Cardano. Market commentator Angry Crypto Show pointed out that Google Trends data for Cardano searches has reached levels last seen in early November 2024 – a period worth noting.

Back in November 2024, Cardano went on an impressive run, soaring almost 300% in just three weeks, from $0.36 all the way to $1.14! While current prices are quite a bit lower, this surge in search interest has some market watchers wondering if we might see a similar rally unfold.

However, it’s worth keeping things in perspective. This search interest spike actually happened back in early March, when ADA was trading above $0.75. Since then, both Google search interest and the price of Cardano have unfortunately moved downwards.

Cardano Hits Major Milestone: Full Decentralization

Adding to the buzz around Cardano, there’s a significant achievement to celebrate! Just recently, on April 12th, founder Charles Hoskinson announced that after more than a decade of dedicated work, Cardano has officially reached complete decentralization. That’s a big step!

Related: Analyst Highlights Cardano as Potential Beneficiary of New US Crypto Regulations

In his announcement, Hoskinson even hinted at possibly stepping back a bit from daily operations, expressing confidence that the Cardano project is now in the very capable hands of its community members. High praise indeed!