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#Cardano could be approaching the final stages of an extended correction, with analyst Mohamad identifying $0.10 as a potential price floor before the coin stages a significant recovery.
Mohamad believes Cardano’s prolonged weakness does not necessarily signal the end of its market prospects. Instead, he views the nearly five-year correction as a necessary setback that could prepare ADA for a much larger upward move.
Mohamad Sees Extended Correction as Preparation for Recovery
In his analysis, Mohamad acknowledged that many market participants have written off Cardano, describing the cryptocurrency as dead after years of disappointing price performance. However, he believes the ongoing correction could eventually create the foundation for a substantial recovery.
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.
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#XRP has returned to a lower price region around $1.20-$1.25, bringing the asset into an area that could complete a broader corrective structure if buyers begin defending the current range.
The XRP/USDT perpetual daily structure on Bybit places XRP near $1.2516 on Nov. 2, closely matching the current spot price near $1.25.
Trader Kayne, formerly known as Penguin, said XRP has now reached the lower area he had been watching. With several downside zones across the market already tested and timing beginning to align, he said the current conditions give him little reason to remain bearish.
The chart supports that view through an Elliott Wave structure that treats XRP’s latest decline as a potentially mature correction rather than the beginning of a new major downtrend.
XRP Correction Develops Into W-X-Y Structure
XRP first established a major low near $1 in August before producing a sharp expansion.
Price quickly rallied through $1.20 and $1.30 before reaching the $1.50 region, with the strongest wick extending toward approximately $1.70. That initial advance is marked as Wave (1).
Instead of continuing immediately higher, XRP then entered a more complicated correction.
The first decline is marked W, taking price back toward the $1.28-$1.30 area during September. XRP subsequently recovered and approached the upper $1.50s, creating the X wave.
That recovery failed to establish a lasting breakout.
Selling resumed through October, with XRP producing a series of lower highs before returning toward $1.25. The current decline is marked as Y, while the same region is also labeled as the potential completion of the larger Wave (2).
This is the key part of the setup. If Y and Wave (2) are completing near current prices, the correction that followed the August expansion could be approaching exhaustion.
The structure also aligns with the $1.25 support area previously identified as an important XRP rebound level.
$1.20-$1.25 Becomes the Main Area to Defend
The lower boundary on the chart sits close to $1.20-$1.21, while XRP currently trades around $1.25.
That leaves relatively little room before the proposed Wave (2) low would face a more serious test.
The Crypto Basic has previously highlighted $1.25 as critical support with downside risk toward $0.98 if it fails.
For the current Elliott Wave interpretation to strengthen, XRP first needs to stop producing lower lows around this region and begin reclaiming nearby resistance.
A sustained break materially beneath $1.20 would weaken the idea that Wave (2) is ending here and require the bullish count to be reassessed.
XRP Projection Maps Several Upside Stages
The projected path does not show XRP moving directly from $1.25 to $2.
Instead, it maps a stair-step recovery.
The first projected advance reaches approximately $1.50-$1.52, followed by a retracement toward roughly $1.40. A second expansion then extends toward approximately $1.85, before another correction toward the upper $1.60s.
The final projected leg reaches approximately $2.
From the $1.2516 starting price displayed on Nov. 2, reaching $1.50 would require an increase of about 19.8%. A move to $1.85 would represent roughly 47.8%, while $2 would require an advance of approximately 59.8%, based on our calculations.
Those levels are a projected Elliott Wave path rather than confirmed targets.
Before the larger scenario becomes relevant, XRP must first reclaim the areas lost during October. Previous weekly analysis has also shown XRP’s broader Elliott Wave structure depending on the completion of Wave 2 before the next expansion.
For now, the decisive test remains much closer: whether XRP can establish a durable low around $1.20-$1.25 and turn the current Y-wave decline into the completion of Wave 2.
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Several cryptocurrencies, including Chainlink (LINK), Pepe (PEPE), Uniswap (UNI), and Worldcoin (WLD), could face further selling pressure after a hacker liquidated millions of dollars worth of these tokens.
According to blockchain transaction data shared by Lookonchain, the attacker sold substantial holdings of seven altcoins before converting the proceeds into Ethereum.
Hacker Sells Over $158M in Altcoins
The attacker sold around 7 million UNI tokens worth $39 million at an average price of $5.65 on-chain. ENA followed, with 217 million tokens sold for $33 million million at an average price of $0.16.
Meanwhile, the hacker sold over 7 trillion PEPE tokens for around $32 million at $0.0000041 per token. The attacker also disposed of 2.5 million LINK tokens worth $26 million.
The remaining transactions involved 127,953 AAVE tokens worth $14 million, 21.85 million ONDO tokens valued at $6.62 million, and 17.32 million WLD tokens worth $6 million.
Collectively, the sales converted the seven altcoin holdings into nearly 70,500 ETH, valued at $158 million.
Why the Sell-Off Could Trigger Further Losses
Large cryptocurrency sales can weigh on prices when selling volume exceeds buying demand. Furthermore, substantial liquidations by major holders can unsettle investors and encourage others to reduce their exposure.
Consequently, the hacker’s transactions could intensify selling pressure on the affected tokens as traders react to the possibility of further declines.
At press time, all seven tokens were recording losses over the past 24 hours. UNI had declined 4.38%, while ENA was down 5.57%. Similarly, PEPE had fallen 1.3%, LINK had dropped 3.51%, and AAVE had lost 3.38%. ONDO and WLD were also down 4.02% and 4.2%, respectively.
These declines indicate that the tokens were already under pressure. Nevertheless, it remains unclear whether the sell-off will intensify or whether buyers will absorb the available supply and help stabilize prices.
How the $6.3 Billion Binance Hack Happened
The token sales follow a major security incident involving Binance, the world’s largest cryptocurrency exchange, in which attackers stole $6.3 billion.
Binance stated that the incident did not compromise wallet private keys. Meanwhile, blockchain intelligence firm TRM Labs attributed the attack, with high confidence, to TraderTraitor, a North Korean state-sponsored hacking group.
Recovery efforts have frozen roughly $3 billion of the stolen funds on-chain. However, the attacker’s wallet still holds a reported balance of $5.79 billion. Meanwhile, Binance has reopened deposits but suspended withdrawals, with plans to restore the service within 48 hours. The exchange also pledged to cover unrecovered losses.
Binance Hacker Portfolio
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