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

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Profit-taking continued to exert downward pressure on cryptocurrency markets Thursday, with Dogecoin (DOGE) and Cardano’s (ADA) leading the decline among major tokens. Bitcoin (BTC) remained relatively stable over the preceding 24 hours.

XRP, Solana’s (SOL), and BNB Chain’s (BNB) each experienced losses of approximately 1.5%, while Tron’s (TRX) was the sole major token exhibiting positive movement, gaining 1.9%.

“Recent macro and policy conditions have created uncertainty in risk-on assets, which is reflected in the current Bitcoin price,” stated Anna Liu, CEO of HashKey Tokenization, in a 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. Liu also noted that recent inflows into BTC and ETH ETFs suggest that institutions are continuing to explore crypto allocations despite short-term market challenges.

Market sentiment remains within the "greed" territory, with the crypto fear and greed index registering at 62, although it has decreased slightly in the past day.

Alex Kuptsikevich, chief market analyst at FxPro, observed that Bitcoin's rebound from levels near $103,000 on May 31st could signal the start of a potential upward trend. “Potentially, this momentum could take the market to new highs above $130K,” he commented.

However, Ether (ETH) is still struggling against resistance at its 200-day moving average. Kuptsikevich suggested that a breakthrough above $2,700 could be a significant indicator of renewed market optimism.

In related analysis, CryptoQuant indicated that Bitcoin could potentially correct to $96,700, which aligns with the average purchase price of short-term investors.