Profit-Taking Continues in Crypto Market as Dogecoin, Cardano’s ADA Lead Majors Slide

Profit-taking continued to weigh down crypto markets Thursday as Dogecoin DOGE and Cardano’s ADA ADA led declines among major tokens, with bitcoin BTC little-changed over the past 24 hours. XRP XRP, Solana’s SOL SOL and BNB Chain’s BNB BNB shed 1.5%, while Tron’s TRX TRX was the only major token in the green with a 1.9% bump. “Recent macro and policy conditions have created uncertainty in risk-on assets, which is reflected in the current Bitcoin price,” said Anna Liu, CEO of HashKey Tokenization, said in a Telegram message to CoinDesk. “While we believe there will likely be volatilities in Bitcoin and cryptocurrencies, we remain positive on BTC as a strategic asset for investors in the longer term,” she added, noting that recent inflows into BTC and ETH ETFs show institutions are still exploring crypto allocations despite short-term headwinds. Market sentiment remains in the greed zone, with the crypto fear and greed index at 62, though it has lost a few points in the last day. Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin’s rebound from near $103,000 on May 31 signals the beginning of a potential upward movement. “Potentially, this momentum could take the market to new highs above $130K,” he said. However, Ether ETH continues to battle resistance at its 200-day moving average. A break above $2,700 could serve as an important indicator of renewed optimism, Kuptsikevich added. Elsewhere, CryptoQuant suggested bitcoin could correct to $96,700, aligning with the average purchase price of short-term investors.

Source: CoinDesk