Cardano (ADA) has experienced a significant drop in price, falling to $0.70, down more than 47% from its December peak. This decline is in line with other altcoins such as Polkadot (DOT) and Chainlink (LINK), which have also seen substantial drops. The overall sentiment in the crypto industry has turned fearful, with investors staying on the sidelines. Cardano's ecosystem has also suffered, with its total value locked in its DeFi ecosystem dropping to $350 million. In addition, Cardano has a small market share in the stablecoin industry and its network is generating minimal revenue. The ADA price chart shows that it has fallen below key support levels, including the 50% Fibonacci Retracement point and the 200-day moving average. If the price continues to decline, the next level to watch is last week's low at $0.5597, representing a 20% drop from the current level. However, the bearish view could be invalidated if the price rises above the resistance point at $0.7610.



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