Before the Midnight sidechain NIGHT token launched on December 8, Cardano's ADA token once surged 30.6% to $0.484, but the momentum subsequently stalled and failed to reclaim the key resistance level of $0.52. Technical indicators currently show a strong downward trend, and the support level at $0.405 is under threat. If the daily closing price falls below this level, it could turn the trend bearish, with the next major support level at $0.37. Although a large short squeeze above $0.48 could have a lifting effect, current market data indicates increasing selling pressure and insufficient buying interest, suggesting that traders should be prepared for further declines.