The analyst particularly highlighted the second wave of Cardano’s Elliott Wave structure, describing it as extremely erosive. He compared this prolonged correction to Shiba Inu’s price behavior, suggesting that $ADA has endured sustained downward pressure before reaching the next major phase of its market cycle.
For context, Shiba Inu reached an all-time high of $0.00008845 in October 2021 but has since declined 94.66% to approximately $0.000004727.
Mohamad Sets $0.10 as Cardano’s Potential Bottom
Mohamad’s monthly TradingView chart provides further insight into his bearish outlook and long-term expectations.
The chart tracks Cardano’s price movements from 2018 through November 2026, using Elliott Wave Theory to map its broader market structure. It identifies an initial five-wave upward impulse, followed by a corrective sequence consisting of waves A, B, and C.
Following its previous bull-market advance, $ADA entered an extended correction. However, Mohamad’s wave count suggests that the cryptocurrency is now approaching the completion of this broader corrective phase.
Notably, his chart identifies $0.1072 as a major horizontal support level, aligning closely with his assessment that Cardano could establish its bottom around $0.10.
With $ADA trading around $0.1973 on the monthly chart, a decline to $0.1072 would represent another 45.66% correction.
Despite this bearish near-term projection, Mohamad maintains an optimistic long-term outlook. He views the extended correction as a potential foundation for a significant recovery rather than evidence of Cardano’s permanent decline.
Another Analyst Warns of Further Declines for $ADA
Meanwhile, crypto analyst KhaldHegazy has maintained a similarly bearish outlook for Cardano, drawing on Elliott Wave Theory and volume analysis.
He observed that $ADA has followed a prolonged downward trend characterized by weak buying pressure. His initial technical assessment identified a bearish market structure, which has continued to play out as the cryptocurrency declined 22% from the October 2026 high since his initial analysis.
His accompanying chart highlights Cardano’s breakdown after failing to sustain its previous local highs. $ADA retreated from an intermediate peak, entered another corrective phase, and eventually slipped below $0.2200 to $0.1973.
According to KhaldHegazy, the lack of convincing buying pressure makes a sustained recovery unlikely at this stage. Consequently, he wants to see $ADA establish a clear bottom before considering a potential reversal.
He also intends to monitor trading volume and price action for evidence of renewed buying interest and an improvement in market structure. Until such confirmation emerges, he plans to maintain his bearish stance.
Notably, KhaldHegazy has previously identified two potential downside targets for $ADA, such as $0.0920 and $0.0715. These levels suggest that Cardano could face further substantial losses if the current bearish structure persists and buyers fail to establish meaningful support.
