**Cardano Loses Key Support Amid Bearish Momentum, Sparks Speculation of Further Downside**
Recent bearish pressure on Cardano (ADA) has led to the loss of a crucial support level at $0.66, raising concerns about potential further declines in the near term. A recent TradingView analysis emphasized this shift, noting that negative momentum currently dominates Cardano’s price action.
According to the analysis, if ADA falls below the $0.66 support, it could trigger additional downside moves toward $0.60 and $0.57 in the coming days. Such a drop would represent a correction ranging from approximately 3.8% to 8.6% from current market prices.
However, there is still hope for a rebound. Should Cardano manage to reclaim the $0.66 support level, prices could rise toward $0.69 and potentially $0.75, driven by renewed buying interest. This recovery would signal an end to the prevailing bearish trend and could set the stage for a short-term rally.
### Whale Distribution Adds to ADA Price Pressure
Adding to the bearish sentiment, data from Santiment reveals that large holders—or “whales”—have been selling Cardano. Top market analyst Ali Martinez highlighted that addresses holding between 1 million and 10 million ADA have offloaded 40 million ADA in the past week, reducing their total holdings to 5.49 billion ADA.
This selling activity reflects a cautious market atmosphere, with investors limiting exposure amid uncertainty.
### Retail Interest Shows Some Positivity
Despite the pressure from whale sales, the Chaikin Money Flow (CMF) indicator points to renewed interest from retail traders. The CMF reached a three-month high of 0.15 on Wednesday—a level last seen on July 17—but has since trended slightly lower to 0.12.
While this signals positive retail momentum for Cardano, the impact has so far been overshadowed by whale selling. For ADA to mount a meaningful recovery, large holders would need to shift from selling to buying.
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**Disclaimer:** This content is for informational purposes only and should not be considered financial advice. The views expressed are the personal opinions of the author and do not reflect the position of The Crypto Basic. Readers are strongly encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
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