Cardano Elliott Wave technical analysis [Video]

Meme coins, including Dogecoin, Shiba Inu, and Pepe remain under extreme selling pressure, recording roughly seven days of downtrend following the January 4 spike. The meme coins risk a bearish shift in momentum as buying pressure subsides, potentially leading to further declines.

Cardano price is nearing key support at $0.38 after being rejected by the 50-day EMA during the previous week. Market metrics show mixed signals: whale accumulation and rising long bets suggest underlying interest, whereas negative funding rates and declining social dominance indicate cautious sentiment.

Story (IP) is leading the market with double-digit gains over the last 24 hours, while MYX Finance (MYX) and Dash (DASH) rise roughly 6%. The rebound in top performers, IP, MYX, and DASH, approaches key resistance levels, aiming to extend gains.

Bitcoin treasury and financial intelligence company Strategy stepped up its accumulation of the top crypto last week after it purchased 13,627 BTC for $1.25 billion, its largest buy since last July. The move has pushed the company's stash to 687,410 BTC acquired for $51.8 billion at an average price of $75,353.

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Bitcoin (BTC) is trading lower toward $90,000 on Friday after encountering rejection at a key resistance zone. The price pullback in BTC is supported by fading institutional demand, as spot Exchange Traded Funds (ETFs) have recorded net outflows so far this week.