Cardano Slumps as Bitcoin Holds Below Key Support

Cardano's price has been on a downward trend, correcting over 10% in the previous week and trading at $0.177 on Monday.

This decline is attributed to whale wallet offloading ADA tokens, which has supported the price drop.

The momentum indicators are weakening, and bearish derivatives metrics suggest that traders are cautious, hinting at further losses if Cardano slips below its key support zone.

Bitcoin, on the other hand, maintains a bearish near-term bias as it trades below the 50-day Exponential Moving Average (EMA) near $64,306, supported by the former rising support trendline near $64,300.

To sustain a recovery toward the June 3 high at $67,516, Bitcoin must reclaim the short-term moving average near $64,306.