Cryptocurrencies Price Action: Cardano Under Pressure, Bitcoin Holds Key Support
Cardano's price has been under pressure in recent days due to selling from whales and weakening momentum indicators. The ADA token is currently trading at $0.177, a decline of over 10% from last week. This correction is supported by whale wallet offloading ADA tokens, which may continue if the price slips below a key support zone.
Bitcoin has been holding steady around the $63,000 mark, but its near-term bias remains bearish due to trading below the 50-day Exponential Moving Average (EMA) at $64,306. To sustain a recovery towards the June 3 high of $67,516, Bitcoin must reclaim this short-term moving average.
Ethereum's price is currently at $1,892, holding above the 50-day EMA but remaining capped beneath the 100-day EMA. The Relative Strength Index (RSI) near 53 indicates modest positive momentum, but the Moving Average Convergence Divergence (MACD) remains negative, suggesting tentative buying pressure rather than impulsive.