Is the collapse imminent? Cardano's decline has not stopped, and $0.54 may just be a relay station!

On May 6, CaptainAltcoin reported that according to the Crypto King's official account, ADA has retreated about 11% from its April high, and the trend continues to be sluggish. The current price is $0.66, which has fallen below the 0.618 Fibonacci support and is approaching the key area of ​​$0.63. If it loses again, it may slide further to $0.54 or even $0.44.

Analysis pointed out that ADA has been in a clear downward channel since 2024, and several unsuccessful challenges to $0.73 indicate that the bears are in control of the situation. Ali Charts showed a chart on the X platform saying that every time ADA was rejected near the Fibonacci resistance, it triggered a new round of selling.

From a structural point of view, the highs continue to move downward, and the trend is bearish. The only hope at present is to stabilize at $0.63, otherwise the middle line of the channel will be lost, further opening up the downward space. If $0.73 cannot be broken, any rebound may just be a "life-escape wave."