Cardano (ADA) has seen a significant decline in price, dropping 30% over the past month and roughly 18% in the last two weeks. With its market cap dwindling to $27 billion, ADA reflects the broader weakness prevalent among altcoins.

Technical indicators point towards a strengthening downtrend for ADA, with a rising ADX and a bearish Ichimoku Cloud setup indicating potential further decline. The key support level stands at $0.519, with a looming downside risk of $0.32. To reclaim its footing and push towards the coveted $1 mark, ADA needs a robust reversal in momentum.

The Cardano ADX has surged to 44, highlighting a substantial increase in trend strength from just 11.2 a few days ago. This surge signifies a bolstering of the current downtrend, with bearish pressure intensifying.

Moreover, the ADA Ichimoku Cloud setup confirms the bearish scenario, with the price trading below the cloud indicating a downward trajectory. The Tenkan-sen below the Kijun-sen further solidifies the short-term bearish outlook.

In order for ADA to reverse its current trajectory, it must break back above the cloud and establish it as a support level. However, with bearish momentum prevailing and the Chikou Span trailing below the price action, the path to recovery seems challenging without a significant increase in buying volume.

Currently, ADA faces resistance at $0.78 and support at $0.519. Further decline could see it test the $0.32 level, marking its lowest price since late November 2024. However, a potential recovery could propel ADA towards reclaiming $0.78 and even eyeing $1 with a strong buying pressure surge.

While the bearish momentum looms large, a successful breakthrough above $0.78 could catapult ADA towards $0.87 and potentially towards $1, presenting a remarkable 40.8% gain if buying pressure intensifies significantly.