Cardano (ADA) is experiencing a waning bullish trend in line with the wider crypto market's consolidation in recent days.

Technical signals indicate a decline in the bullish activity in ADA's markets, raising the possibility of a return to its lowest point of the year at $0.50.

The Elder-Ray Index for ADA, which gauges the strength of bulls compared to bears, has been steadily dropping, signaling a weakening buying momentum. The histogram bars on the ADA/USD daily chart have shrunk, indicating a decrease in bullish power.

The decreasing size of the Elder-Ray Index bars typically signifies a narrowing gap between the bullish and bearish sides. As bullish influence diminishes and bears gain ground, the histogram bars reduce in size, alerting to a potential trend change or an increased chance of a downward price trend.

This downtrend suggests that ADA buyers are losing control gradually, potentially leading to a significant market correction.

Additionally, the Chaikin Money Flow (CMF) for ADA remains negative, staying below the zero line since Monday. The current CMF stands at -0.09, indicating higher selling pressure compared to buying pressure. This hints at a probable drop in ADA's value in the near term.

ADA is currently trading at $0.69, holding above the support level at $0.66. If bullish momentum weakens further, ADA could breach this support level and descend towards its annual low of $0.51.

Nevertheless, a renewed interest in ADA could prevent this downturn. Should Cardano bulls increase their buying activity, the support level at $0.66 will strengthen, potentially driving ADA's price to $0.76.