Cardano is Sinking
Cardano (ADA) is losing 3.0% to $0.3700, outperforming Bitcoin (BTC), which is declining by 4.2% to $61,200. The decline in ADA comes after a retest of the support at $0.4000. If ADA prices continue to fall, they could head towards $0.2000, representing a potential 46.0% downside. However, the decline might not be that steep and could stop at $0.2500-0.3500 within a downside flag pattern. According to IntoTheBlock, the largest buy positions, worth $1.3 billion, are located at $0.3733 and $0.3028. ADA prices may reverse to the upside at these levels.
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