Cardano has created a bearish death cross on its one-hour chart as the broader market faces continued profit-taking. The crypto market saw its bullish momentum wane after higher-than-expected July wholesale inflation data prompted concerns about a Federal Reserve rate cut in September. Bitcoin led the rest of the crypto market lower, tumbling below $112,000 after reaching an all-time high of $124,533 on Aug. 14. Cardano followed a similar pattern, with its price dropping from an Aug. 17 high of $0.987 to a low of $0.837 on Wednesday, where prices sharply rebounded. The emergence of a death cross on Cardano's hourly chart suggests positive momentum waning in the short term, but most of the time, the moving average crossover might act as a lagging indicator, with the market already oversold before the signal even appears. All hope not yet lost for bulls At press time, ADA was trading up 1.4% in the last 24 hours to $0.863 as the market showed slight signs of relief but was still down 8.15% weekly. The Fed minutes, released on Wednesday, revealed that the central bank was concerned about both inflation and the labor market but believed it was too early to lower interest rates. Investors are currently following the Fed's annual meeting in Jackson Hole, Wyoming, where central bankers will make decisions on future monetary policy. Powell is scheduled to give a speech at the meeting on Friday, which may provide some insight into interest rate trajectory. Cryptocurrencies might rebound if Powell signals imminent dovish policy. On the other hand, recent whale accumulation hints at optimism on the market. According to Ali, a crypto analyst, 100 million Cardano (ADA) were scooped up by whales in the last 24 hours.