Cardano Whales Flee ADA as Support Zone Looms
Cardano's ADA has been trading near an important support zone of $0.173 after suffering a correction of over 10% last week.
The decline is being reinforced by selling among some of Cardano's largest holders, with bearish derivatives positioning and weakening momentum indicators also suggesting that traders remain cautious.
A negative funding rate in the perpetual futures market and a long-to-short ratio below one on CoinGlass indicate that traders are increasingly betting on further price declines.
Cardano's inability to reclaim its Exponential Moving Averages (EMAs) suggests that attempted recoveries could attract renewed selling pressure, with a daily close below $0.173 potentially confirming a continuation of the decline and exposing the strategic horizontal support level at $0.150.