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The analyst provides an update on Cardano (ADA), highlighting a bearish outlook based on both fundamental and technical factors. Fundamentally, Cardano's Total Value Locked (TVL) has fallen to $164.72 million, reaching its lowest point since the last bear market, suggesting a potential shift into a new bearish phase. Technically, Cardano has broken below a major trendline that had been holding strong since March 2020. While there's potential for Bitcoin to rally in Q1/Q2, which could influence altcoins, Cardano requires significant structural confirmation to follow. The critical level for Cardano is identified at 45 cents (0.45). The analyst states that a break above 45 cents is necessary for any bullish momentum. Conversely, as long as Cardano remains below 45 cents, the outlook is bearish. The most likely scenario, given current market uncertainty and weak fundamentals, is a continued move to the downside. The initial downside target is 32 cents (0.32), with an ultimate target of 27.5 cents (0.275) to fill an older liquidity gap. The analysis is primarily based on a weekly timeframe, indicating a mid to long-term perspective.