Crypto analyst Ali Martinez said Cardano (ADA) was testing its strongest support level, which it has held for many years, and warned investors of potential downside risks.
According to Martinez’s analysis, Cardano has been trading within a multi-year price channel since 2021. The most critical support point in this structure is at the $0.247 level. The analyst argued that this level has historically provided significant support.
Martinez noted that Cardano price is currently trading at $0.232, which he believes represents an important test below long-term channel support. He specifically stated that a sustained move below $0.247, especially as the monthly close approaches, could change market structure and signal the start of a deeper valuation process.
Related news An Altcoin has experienced severe network outages over the past two days – they released an official statement
According to the analyst, if the long-standing channel support is broken, the next strong macro support zones for Cardano lie at $0.113 and $0.051. Martinez noted that these levels could be considered areas of high confidence accumulation for long-term spot investors.
*This does not constitute investment advice.