Cardano (ADA) remained under pressure on Monday, November 9, trading around $0.1748 and holding below the $0.175 mark after logging five consecutive weeks of losses. The token declined more than 9% over the past week, extending a downturn that began in early October as selling pressure continues to outweigh buying interest.

Whales Holding 10 Million to 100 Million ADA Trim Positions

Cardano's largest investors have continued reducing their holdings, raising concerns about the cryptocurrency's near-term price trajectory.

According to Santiment's Supply Distribution data, wallets holding between 10 million and 100 million ADA have collectively offloaded approximately 50 million tokens since November 4 — a sum that would be worth roughly $8.7 million at Monday's trading level. Supply Distribution metrics group on-chain holdings by wallet size, which is what makes it possible to track whether a specific cohort is adding to or reducing its exposure. The reduction indicates that this cohort of large holders has grown increasingly cautious amid Cardano's prolonged price weakness.

Beyond whale distribution, Cardano's broader on-chain and trading indicators continue to reflect a cautious tone across the market. CryptoQuant's market summary highlights significant whale orders across ADA's spot and futures markets, accompanied by overheating conditions and sell-side dominance. Taken together, the readings suggest that large market participants remain active, but selling activity continues to outweigh buying interest.

Technical Outlook: Bears Eye the $0.156 Support

Cardano's technical setup remains unfavorable as the cryptocurrency struggles to recover from five straight weekly declines.

At the time of writing on Monday, ADA traded around $0.1748, remaining firmly below its major Exponential Moving Averages (EMAs). The 50-day EMA stands at $0.209, the 100-day EMA is positioned at $0.211, and the longer-term 200-day EMA sits considerably higher at $0.232. Price has yet to reclaim any of these moving averages during the recent rebound attempt. Trading below all three widely tracked trend averages means ADA is changing hands beneath its average price levels over the past 50, 100, and 200 days — a marker of how far the token sits relative to its recent trading history.

That recovery attempt from below $0.180 has done little to change the broader technical structure, suggesting it may represent temporary consolidation rather than the beginning of a sustained bullish reversal.

Momentum indicators also point to continued weakness. The daily Relative Strength Index (RSI) hovers near 30, approaching oversold territory while indicating that selling momentum remains dominant. Readings below 30 on the RSI's 0-to-100 scale are conventionally labeled oversold — a condition that reflects intense selling relative to recent trading but does not, on its own, signal a reversal. Meanwhile, the Moving Average Convergence Divergence (MACD) remains slightly negative, reinforcing the cautious outlook.

If ADA fails to attract stronger buying interest, sellers could push the price toward the horizontal support level at $0.156. A decisive breakdown below this area would weaken the technical structure further and potentially expose Cardano to a deeper correction.

Conversely, Cardano could attempt a short-term recovery if buyers defend current price levels. The first significant resistance stands at $0.183, which ADA must reclaim to establish an initial improvement in momentum. A sustained breakout above this level could encourage buyers to target the 50-day EMA at $0.209, followed closely by the 100-day EMA at $0.211. However, these moving averages form a concentrated resistance zone that could attract renewed selling pressure.

Beyond this area, the 200-day EMA around $0.232 represents another major hurdle. Additional resistance levels are located at $0.236 and $0.245, while a more substantial recovery could eventually bring the $0.296 region into focus.

With whale distribution ongoing and momentum indicators still skewed to the downside, attention remains on whether ADA can hold nearby support and reclaim its key moving averages.