Cryptocurrencies Price Prediction: Cardano, Bitcoin & Pi Network – European Wrap 12 June

Cardano Price Forecast: Whale selling, cautious derivatives limit ADA rebound

Cardano (ADA) is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA. Meanwhile, mixed signals from derivatives markets suggest traders remain cautious, capping ADA’s recovery potential.

Santiment’s Supply Distribution data shows that whale wallets resumed offloading ADA tokens after last week’s correction. The metric indicates that whales holding between 100,000 and 1 million (red line), 1 million and 10 million (yellow line) and 10 million and 100 million ADA tokens have shed 260 million tokens since June 5, fueling the near-term selling pressure.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist. First, the institutional sell-off continues, with spot BTC Exchange-Traded Funds (ETFs) pointing to the fifth consecutive week of outflows. Second, analysts suggest that a sustained bullish reversal is unlikely until demand conditions improve significantly, something that has yet to happen.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network (PI) is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply. Meanwhile, the technical outlook is showing early signs of fading bearish momentum, suggesting a short-term bounce.

Pi Scan data shows that 14.8 million PI tokens are scheduled to unlock on Friday. This token unlock could cap PI’s recovery potential by increasing market supply.