Cardano (ADA) has seen a significant drop in price over the past 7 days, falling nearly 26%. Currently trading at under $0.60, the cryptocurrency is down 11% in the past 24 hours. It is now testing a local support trendline after breaching the 50% Fibonacci level at $0.6272. While the Supertrend indicator suggests a bearish outlook, the Stochastic Momentum Index hints at a possible bullish reversal. The increased demand for Cardano during the market fall is reflected in whale holdings, with more than 130 million ADA tokens purchased by whales in the past 72 hours. If the falling wedge pattern breaks down, Cardano's price could drop below $0.50. On the bullish side, a potential reversal in the falling wedge pattern could see Cardano testing the 61.8% Fibonacci level at $0.7351.



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