Bitmern Mining founder Giannis Andreou has expressed caution about Cardano, arguing that $ADA must reclaim several key resistance levels before its technical outlook becomes more convincing.
Andreou made the observation over the weekend as Cardano fell below the $0.25 psychological level, giving back some of its recent gains. According to him, while several altcoins have started reclaiming important price levels, Cardano remains below its first significant resistance at around $0.34.
$ADA First Major Hurdle
Andreou highlighted $0.34 as an important hurdle for $ADA. The cryptocurrency has yet to break above this level, meaning it still has more ground to cover before establishing stronger bullish momentum.
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Moreover, Andreou identified three additional resistance levels, including $0.74, $0.95, and $1.20. In his view, these levels could create further challenges if $ADA begins a sustained recovery.
Consequently, even a breakout above $0.34 may not immediately clear the path for a broader recovery, as $ADA could encounter additional selling pressure around the higher resistance zones.
The accompanying weekly chart tracks Cardano’s price action since 2021, with horizontal lines marking the four resistance levels. At the time of the chart analysis, $ADA traded around $0.2574, leaving it 32.09% below the $0.34 resistance.
Andreou’s chart also suggests a downside risk if $ADA fails to reclaim the first resistance. Specifically, his analysis suggests $ADA could fall significantly over the next two years if it remains unable to overcome $0.34.
Andreou Remains Cautious on $ADA’s Outlook
Despite his reservations, Andreou acknowledged that Cardano could eventually turn bullish. However, he wants to see stronger price action before becoming more confident about $ADA’s prospects.
His assessment primarily focuses on $ADA’s performance relative to other altcoins and its inability to reclaim the $0.34 level. Therefore, he prefers to remain cautious until Cardano demonstrates clearer bullish momentum.
Meanwhile, Andreou’s analysis has generated mixed reactions among $ADA holders. Some highlight the token’s recovery from recent lows of $0.14, while others echo his concerns about Cardano’s relative underperformance.
$ADA Needs 40% Rally to Reclaim $0.34
Notably, $ADA climbed to $0.2643 over the weekend but has since retreated to $0.2434 at press time. From that level, the token’s price would need to spike roughly 40% to reach the $0.34 resistance.
Moreover, reclaiming Andreou’s highest identified resistance at $1.20 would require $ADA to rise 394% from its current level.
$ADA last traded above $1 in August 2025 and has struggled to regain that threshold since then. The token currently ranks as the 14th-largest cryptocurrency, with a market cap of $9.04 billion.
Cardano Faces Wider Market-Cap Challenge
Meanwhile, Cardano founder Charles Hoskinson has previously projected that $ADA will return to the cryptocurrency market’s top 10 by the end of the year. Achieving that position would require Cardano to close a substantial market-cap gap with Hyperliquid, currently ranked 10th with a valuation of approximately $22.34 billion.
If Cardano reached that market cap while maintaining its current circulating supply, $ADA could trade around $0.60. Such a move would place the token well above Andreou’s initial $0.34 resistance.
However, whether $ADA can achieve that market cap expansion and overcome the resistance levels highlighted by Andreou remains uncertain.