Analyst Tony Maps $0.19 Drop for Cardano (ADA) After Tuesday's $0.23 Rejection

Tony Maps $0.19 Support After $0.23 Rejection

Cardano (ADA) price ran into a firm wall at $0.23 earlier this week, and the rejection has produced one of the most discussed calls on the wider altcoin market in days. On Tuesday, October 20, analyst Tony published a daily chart on X arguing that Cardano's failure to break $0.23 leaves the token exposed to a slide toward $0.19. The chart behind the call tracks a rally that has run out of momentum. Cardano (ADA) climbed from roughly $0.14 in late June to $0.28 in early October, a gain of about 100%, then stalled at the $0.28 ceiling, turned lower, and lost the $0.23 mark. In Tony's reading, $0.23 is now the level the token must reclaim before any renewed recovery attempt can carry weight, and every session spent below it extends the corrective phase that began in early October. His chart also shows the token failing to sustain its rebound structure across successive daily closes.

The path he sketches runs through $0.19. Horizontal support there is expected to catch the next leg lower, with the chart showing a brief break beneath the line before a rebound back toward $0.22. Tony's projection is a scenario, not a confirmed trajectory. Unless selling pressure pushes the price decisively below $0.19, the drawn path does not have to play out, and a recovery would hinge on renewed buying interest and on the broader crypto market, where sell-side pressure was building again when the outlook appeared. Our live reading places Cardano (ADA) at $0.2223 at the time of writing, 2.2% higher over the past 24 hours and 0.4% below its level when the analysis was published at 04:35 UTC on Wednesday.

Our composite scoring maps the same levels. The nearest resistance above, at $0.2326, scored 100 out of 100 from the indicators stacked there, sitting just over the $0.23 zone the chart flagged; the first support below, at $0.2196, also carries a full 100/100 score, so the market has dense structure to absorb a test before the $0.19 area ever comes into play. Momentum reads stay soft: the relative strength index sits at 43.19 and the MACD signal is bearish, with the broader trend classified as sideways. Derivatives positioning shows open interest of $165.5 million and a long/short account ratio of 2.34, which means a decisive close above $0.2326 would force a crowded short side to chase. The full level map is tracked in our Cardano technical analysis overview.

$480,000 in ADA Longs Wiped Out

Tuesday's rejection landed during a broader deleveraging wave. More than $160 million in leveraged positions were liquidated across the crypto market in the 24 hours around the call, and Cardano (ADA) accounted for roughly $480,000 of that total. Long positions bore nearly all of the damage: about $423,060 in ADA longs were wiped out against roughly $57,350 in shorts, a split that shows how heavily traders had bet on the bounce continuing. For a network built on delegated proof of stake, where holders can delegate idle coins to a pool and earn through staking instead of selling, the liquidation skew is a sentiment marker rather than a structural break, but it helps explain how quickly the price lost $0.23. Traders weighing participation on the fundamental side can start with our guide on how to choose a Cardano stake pool.

Valuation context sharpens the picture. Even near $0.22, Cardano trades 93% below its $3.10 peak from 2021, a distance we examined in earlier coverage of the token's long drawdown. The market value of all ADA in circulation stood near $8.37 billion in our live reading, keeping the asset in 15th place by market capitalization. Development remains the wildcard that Tuesday's chart does not capture: Input Output has laid out a staged Leios rollout aimed at lifting network throughput by 3 to 5 times, a program that sits outside the current chart but inside the same token's story. At the latest reading on Wednesday, ADA stood at $0.2223, 0.4% below where it traded when the analysis appeared but 2.2% higher on the day, and the sideways condition that has held since the early-October pullback from $0.28, now roughly two weeks old, remained intact.