The altcoin market continues to demonstrate its close ties to the world’s largest and most dominant cryptocurrency, Bitcoin. As the price of Bitcoin fell on the charts at the beginning of the week, the same was replicated by popular altcoins like Cardano, Algorand and VeChain, with price drops of up to 20 percent on the charts.
Cardano, due to its falling market capitalization, had broken out of the top 10 and was trading at $ 0.077, as of press time. In fact, the previous week has not been kind to the cryptocurrency, as its price depreciated by more than 18 percent, and key supports became resistance levels for ADA. As of this writing, Cardano had a 24-hour trading volume of $ 524 million and a market capitalization of $ 2.4 billion.
For Cardano price, there was a strong resistance level at $ 0.079 and $ 0.088. However, if the price were to fall further, it can stabilize around the support level at $ 0.075.
the Bollinger Bands for ADA they were quite wide, but were contracting slowly at press time, a sign of reduced volatility for the price of the coin in the coming days. the MACD The indicator, on the other hand, was slowly approaching a bullish crossover as the MACD line converged on the signal line.
In a recent interview, Cardano’s Charles Hoskinson highlighted how the platform is now moving to focus on and serve as a global financial operating system.
Algorand’s price took a big hit over the past week and saw its value fall by more than 18 percent, and it was trading at $ 0.27. At press time, the cryptocurrency was posting a 24-hour trading volume of $ 121 million, after posting a 10 percent drop in just 24 hours. For the coin, there was substantial resistance at two key points – $ 0.30 and $ 0.33. However, at the time of writing, ALGO was also testing support at around $ 0.27.
the EMA tapes it had settled above the trading price at press time and was offering resistance against Algorand’s potential uptrend. the RSI It also indicated a strong downtrend, as it was well in the oversold zone.
In sync with the other two cryptocurrencies, last week saw VET drop by more than 20 percent. This drop lowered its trading price to $ 0.011, with the crypto having a market capitalization of $ 763 million. At press time, the coin was testing the support at $ 0.011 and if the support stabilizes the fall of the coin, it could soon head to its immediate resistance at $ 0.012.
the EMA tapes they were now offering resistance in the $ 0.012 – $ 0.013 price range for the VET price. the Stochastic indicator it signaled bearish sentiment as it languished in the oversold zone.
This is a machine translation of our English version.
Your opinion is important to us!