Bitcoin’s steady consolidation under the $10k mark has had an overwhelming, but inconsistent impact on the fortunes of the market’s altcoins. While some like Cardano have steadied their ship after corrections stalled its surge, others like BNB haven’t noted any major changes in its price movements whatsoever.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano has been one of the market’s most talked about altcoins over the past few weeks. And, to be honest, it’s not hard to see why. Over the past two weeks, ADA’s price has surged on the charts, with ADA hiking by over 50% in a matter of just 14 days. At the time of writing, ADA was priced at $0.08, well above its support level on the charts – $0.02.
However, was ADA’s surge and subsequent correction and consolidation a mirror of Bitcoin’s movements? Well, not necessarily, as Cardano itself noted a host of developments recently, with the IOHK successfully launching the Shelley public testnet a few days ago. In fact, by extension, it is also difficult to claim that Cardano’s hike was indicative of an altseason ahead, as a recent CoinMetrics report suggested.
Despite corrections, ADA seemed very bullish on the charts as while the Parabolic SAR’s dotted markers were found well below the price candles, the Chaikin Money Flow was holding steady at 0.20.
Binance Coin [BNB]
Source: BNB/USD on TradingView
Binance Coin, the token native to one of the world’s biggest crypto-exchanges, hasn’t had too many developments to speak of. In fact, the latest BNB development that made news was Justin Sun’s Poloniex announcing trade pairs for Binance Coin and BUSD, despite the fact that this followed a heated online confrontation between Sun and Binance’s CZ over the Steem saga. The announcement came on the back of CoinPayments introducing the integration of BNB for merchants across the world.
The lack of any major news in the BNB ecosystem is evident on observation of the token’s charts as BNB has been trading within a broad channel since May, with no major upticks recorded.
The stagnancy in the BNB market was highlighted by the token’s technical indicators as while the mouth of the Bollinger Bands was holding steady, the Relative Strength Index was mediating between the oversold and overbought zones.
Algorand [ALGO]
Source: ALGO/USD on TradingView
The 46th ranked cryptocurrency on CoinMarketCap, Algorand, unlike Cardano, hasn’t noted a remarkable climb up the charts. However, unlike BNB, it hasn’t stagnated either, with Algorand noting a hike of over 12% over the course of 2 weeks. That being said, it is likely that ALGO might climb by a higher margin soon as not even 24-hours ago, Algorand announced that it will be working with Blockstack to develop an open-source project to support a first-of-its-kind programming language, Clarity.
On the charts, ALGO, priced at $0.24, was still perilously close to its support level, rather than its resistance.
Further, while the Relative Strength Index was in balance between the oversold and overbought zones, the MACD line was just over th Signal line on the charts.
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