Cardano Correction Looms as Raydium Soars to New High

Cardano's price is inching above its critical support zone after losing over 6% this week, trading at $0.206 as of Friday.

The weakening derivatives data and fading bullish momentum suggest a bearish near-term outlook for ADA, with a decisive close below the support zone potentially triggering a deeper correction.

Meanwhile, Raydium is up 9% on Friday, extending its 17% rise from the previous day and trading at a 10-month high. The DeFi token has nearly 100% gains so far this month, reflecting a strong bullish phase.

Raydium's price hovers well above its key Exponential Moving Averages (EMAs), with the 50-day EMA crossing above the 200-day EMA signaling a Golden Cross and confirming a bullish trend reversal.