Bitcoin’s market has recovered well from its fall a few days ago, a fall during which the price of the world’s largest cryptocurrency plunged below its support levels and even below $8900. As is almost always the case, the altcoin market followed suit, with many of them on the path to recovery too, at press time, despite recent hiccups. The cases of Cardano, Tron, and Decred are examples of the same.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano, the cryptocurrency ranked 11th on CoinMarketCap’s charts, has been one of the market’s best-performing altcoins this year, with ADA noting YTD returns upwards of 140%. While development activity on the Cardano blockchain has always been high, interest in the same has piqued over the last few months owing to the upcoming Shelley hardfork which, at the time of writing, was scheduled for 29 July. Today, however, Cardano is expected to release the Shelley code.
At press time, ADA was priced at $0.083, with the crypto not far from its resistance level on the charts. Like most alts, Cardano too fell on the charts when Bitcoin dived below $9k. However, it has recovered well, gaining by almost 10% since.
The magnitude of how well ADA had recovered on the charts was evident when its technical indicators were looked at as while the Parabolic SAR’s dotted markers were well below the price candles and pointed to a bullish market, the MACD line was surging over the Signal line.
Tron [TRX]
Source: TRX/USD on TradingView
Justin Sun’s TRON [TRX], many argue, is one of the market’s most-hyped coins. While many have claimed that marketing alone is responsible for the crypto’s present position in the present market, others have gone as far as speculating that it may be a scam. Interestingly, a recent report seemed to find otherwise, with the same highlighting a healthy and active ecosystem.
With respect to other developments, Justin Sun and TRON recently announced the launch of the BTFS mainnet, as well as a new ‘mining-for-reward’ model.
Like Cardano, TRX too noted a sharp uptick off-late, with the crypto climbing by 7.51% on the charts since Bitcoin fell.
While the widened mouth of the Bollinger Bands suggested increasing market volatility, the Chaikin Money Flow was just under zero, implying that capital outflows had overtaken capital inflows.
Decred [DCR]
Source: DCR/USD on TradingView
Decred, the autonomous digital currency with a hybrid consensus system, was ranked 47th on the cryptocurrency charts, at the time of writing. What is interesting, however, is the fact that DCR’s 24-hour trading volume was much higher than the volumes reported by other cryptos ranked well above it, cryptos like Theta, Augur, DigiByte, and IOTA.
While the crypto hasn’t had too many developments to speak of, its Co-founder Jake Yocom-Piatt was in the news recently after he commented on rumours that PayPal may be integrating support for cryptocurrencies soon.
At press time, DCR was priced at $13.91, with its value depreciating by over 18% over the course of a week. Following the same, DCR found itself closer to its support level on the charts, rather than its resistance level.
While the Awesome Oscillator pictured barely any momentum in the market, the Relative Strength Index was steadily dipping towards the oversold zone.
