Cardano's ADA was trading around $0.188 on Tuesday, down 1.5% on the day, after slipping below the 0.618 Fibonacci retracement level at $0.19977 and reversing from a 15% monthly rally that had lifted the token to nearly $0.21 in early August. Analyst Ali Martinez said three signals now point to softer momentum: whale distribution, a death cross in the MVRV ratio (market value to realized value) against its 7-day simple moving average, and a TD Sequential sell signal, warning that ADA could fall toward $0.17 and potentially $0.144 if support fails. The technical pressure has coincided with Grayscale's voluntary withdrawal of its spot ADA ETF application from the Securities and Exchange Commission (U.S. markets regulator), removing a potential institutional catalyst that had been pending since February 2025. Counterweights remain, including an 85x Hydra upgrade, exchange outflows that suggest more self-custody (holding tokens off exchanges), an RSI (momentum gauge) reading of 25, and nearby support from the Supertrend indicator at $0.16821 and the 20-day exponential moving average at $0.18391, although higher Treasury yields are adding broader pressure to risk assets.