Cardano (ADA) price trades below $0.37 at the time of writing on Tuesday after hitting a two-month low in the previous week. The bearish sentiment is further strengthened by holders offloading ADA, increasing selling pressure.
Cardano price trades in the red on Tuesday after reaching a two-month low last week.Santiment data indicate that ADA holders are offloading tokens, adding to growing sell-side pressure.Derivatives data and technical indicators suggest further downside, with rising short positions and weakening momentum.
Cardano price trades below $0.37 at the time of writing on Tuesday after hitting a two-month low in the previous week. The bearish sentiment is further strengthened by holders offloading ADA, increasing selling pressure. Meanwhile, rising short bets and weakening momentum further indicate downside pressure for Cardano. Cardano whales offload 90 million tokens Santiment’s Supply Distribution indicates that the number of Cardano’s large-wallet holders is declining, suggesting a bearish outlook.The metric indicates that the whales holding between 100,000 and 1 million , 1 million and 10 million , and 10 million and 100 million have shed a total of 90 million Cardano tokens from Saturday to Tuesday, thereby increasing selling pressure. Cardano supply distribution chart. Source: SantimentOn the derivatives side, Coinglass’s long-to-short ratio for ADA reads 0.89 on Tuesday. The ratio below one suggests bearish sentiment in the market, as more traders are betting on the ADA price to fall.Cardano long-to-short ratio chart. Source: CoinglassCardano Price Forecast: ADA bears aiming for levels below $0.27Cardano price was rejected from the upper trendline of the falling wedge pattern on December 9 and declined 27% in the next 9 days, reaching a two-month low of $0.34 on Friday. ADA recovered slightly but failed to sustain the rebound and continued its correction. At the time of writing on Tuesday, ADA is trading down, around $0.36.If ADA continues its downward trend, it could extend the fall toward the October 10 low of $0.27.The Relative Strength Index on the daily chart is at 37, pointing downward toward the oversold level, indicating strong bearish momentum. Additionally, the Moving Average Convergence Divergence indicator showed a bearish crossover on Wednesday, which remains intact, further supporting the negative outlook.ADA/USDT daily chart However, if ADA recovers, it could extend the advance toward the 50-day EMA at $0.45. Related news Dogecoin Price Forecast: DOGE eyes breakout as falling wedge and bullish on-chain signals align Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP eye breakout for fresh recovery Uniswap Price Forecast: UNI holds above $6 as traders eye UNIfication vote outcome
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