Cardano (ADA) is currently forming a bearish head-and-shoulders pattern that could lead to an 18% price drop targeting $0.24 if confirmed. However, on-chain metrics like a 60% decrease in spent ADA coins and potential bullish momentum in capital inflows offer a chance to invalidate the breakdown. A key level to watch is $0.35; holding above it, along with a breakout in Chaikin Money Flow (CMF), may allow ADA to escape the bearish pattern.