Once again, it would seem that the cryptocurrency market has simmered down, with Bitcoin, the world’s largest cryptocurrency by market cap, still stuck between the $9,500 and $9,000 levels.
At the time of writing, BTC was being traded at $9154 with a 24-hour trading volume of $7.4 billion. The lack of movement in BTC’s price following the $500 drop a few days ago seemed to have passed on to the altcoin market as well, with alts such as Cardano, EOS, and DigiByte keeping steady, if not consolidating.
Cardano has been one of the cryptocurrency market’s best-performing altcoins this year, with ADA, at the time of writing, well past the price levels it hit right before the crash in March. In fact, ADA’s uptrend on the charts has been steep, especially so since the last week of May. At press time, this uptrend had stalled somewhat, however, with ADA’s value affected by Bitcoin’s twin falls on the 11th and the day before. ADA was priced at $0.08, having recorded a 6.79% hike in its value over the last 2 weeks.
Cardano’s technical indicators underlined the bullish nature of the ADA market as not only were the Parabolic SAR’s dotted markers well below the price candles, but the Chaikin Money Flow had also stabilized right above zero, a sign of steady capital inflows.
The optimism shared by Cardano community members is palpable, with the same sentiment shared by many others too. In fact, just recently, Messari’s Ryan Selkis had tweeted that he expected Cardano, among other alts like Tezos, to challenge for a plan in the top-10 of the cryptocurrency rankings. This is just more validation for the work happening in the Cardano ecosystem, with the Shelley mainnet still on-track for release on the 29th of June.
EOS, once a regular near the top of the cryptocurrency rankings, now languishes down at 9th on the charts. It’s not hard to see why EOS has fallen so badly, however, with its price charts a reflection of its disappointing price performance over the past few months. In fact, while the crypto did recover its Black Thursday losses briefly back in May, it hasn’t recuperated yet from the market depreciation that preceded Bitcoin’s halving, with EOS priced at $2.48, at press time. Over the past 2 weeks, the crypto was down by almost 10%.
The mouth of the Bollinger Bands was holding steady since the crypto’s movement over the past few days has largely been stagnant. The Relative Strength Index, however, was leaning slightly towards the oversold zone.
On the news side, while the crypto itself hasn’t noted any developments, it was in the headlines a few days ago after it was reported that a wallet associated with the PlusToken Ponzi scheme had moved EOS worth $67M.
DigiByte, ranked 36th on the cryptocurrency charts, has had an interesting 2020, to say the least. While like other alts it too was affected by Bitcoin’s dramatic fall back in March, DGB recovered exponentially in the months after. In fact, right before Bitcoin’s halving, the crypto rose to as high as $0.024 on the charts. While the crypto’s not at the same level at the time of writing, it’s movements remain, to a degree, contrary to the rest of the market.
Over the last 10 days, DigiByte not only rose by 33%, but it also fell by almost 10% following BTC’s fall a few days ago. Interestingly, DGB was noting YTD returns of over 240%, at the time of writing.
While the MACD line was well below the Signal line on the charts, the Awesome Oscillator pictured minimum momentum in the market.
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