Cardano's value has recently dropped to $0.60 after an unsuccessful recovery attempt. The decline was driven by long-term holders selling their assets to prevent further losses, altering the market sentiment and reversing Cardano's momentum.

The Age Consumed metric surged, indicating increased selling by long-term holders as Cardano briefly climbed in price. This selling pressure intensified, leading to a significant price drop. The trend of long-term holders selling off their holdings reflects caution in the face of market uncertainty, shifting market sentiment from optimism to prudence.

Technical indicators like the Relative Strength Index (RSI) show negative sentiment surrounding Cardano. The RSI failed to reach the bullish zone and remained below the crucial 50 line, indicating ongoing selling pressure from long-term holders and contributing to the bearish market outlook.

The persistent selling pressure has maintained Cardano in a bearish phase, potentially leading to further corrections and losses. Unless there is a substantial shift in momentum, Cardano's ability to rebound in price remains challenging.

Cardano struggled to retain $0.63 as a critical support level, with long-term holders' selling activity playing a significant role in the decline. The coin faces the risk of further depreciation, and breaching the $0.57 support level could prolong losses for investors.

However, a reversal in Cardano's downward momentum could see it reclaim $0.63 as support, potentially nullifying the bearish outlook. This reversal could pave the way for a climb towards $0.70, restoring market confidence and encouraging long-term holders to hold onto their assets once more.