Crypto Market Update: Cardano Pulls Back, Pi Network Stagnates, and Bitcoin Remains Bullish
Cardano's (ADA) price has seen a significant surge in recent days, but it appears to be facing a mild pullback. On Monday, ADA traded below $0.220 after a 29% rally in the previous week. According to on-chain and derivatives data, traders are taking profits following ADA's massive gains, turning the outlook slightly bearish.
While technically, the outlook remains bullish for Cardano, momentum indicators suggest further upside is becoming increasingly stretched, raising the risk of a pause or consolidation ahead.
Pi Network (PI) has also seen some price action, trading in the red on Monday after a gain of over 6% last week. The Pi Core Team released Protocol 27 on Pi Testnet on Saturday, opening the door to new smart contract authentication capabilities. However, the technical outlook for PI remains mixed as the price lacks momentum and remains capped below $0.1000.
Bitcoin (BTC) is also experiencing some fluctuations, edging lower on Monday after a 23% jump last week. Despite this, BTC maintains a strong bullish near-term bias as its price holds well above both the 50-day Exponential Moving Average (EMA) at $66,769 and the 200-day EMA at $72,636.
The renewed institutional demand for Bitcoin, marked by $1.92 billion in inflows into BTC-focused Exchange Traded Funds (ETFs), improves the odds of an extended Bitcoin rally.