Bitcoin Cash, Cardano surge post-Bitcoin’s breach of $8K as DCR stalls
Correlation to other cryptocurrencies in the market can be both a boon and a bane. While it was the latter for much of the altcoin market last month, many of these cryptos have been happy to latch onto Bitcoin’s gains this month, with the world’s largest cryptocurrency’s breach of the $7k and $8k levels especially profitable for these coins. Following the aforementioned breaches, much of the market has surged, including fork coin Bitcoin Cash, Cardano, and Decred.
Bitcoin Cash [BCH]
Bitcoin Cash has had a topsy-turvy 2020, let alone a roller-coaster April. While BCH’s charts were punctuated by a series of decent highs and lows, the fork coin, at the time of writing, was still far from recovering its losses following the price drop that followed the coin’s halving in the second week of April. At the time of writing, however, Bitcoin Cash was on one of these highs, with the fork coin having recorded a surge of over 5.6% over the course of 24-hours.
The immediate surge was evidenced by the Parabolic SAR as its dotted markers were aligned well below the price candles. Further, the Chaikin Money Flow was also found to be spiking, in correspondence with the price hike.
That being said, BCH continued to disappoint on a lot of other fronts, including on-chain metrics. In fact, Bitcoin Cash, at press time, was far from recording an improvement in the USD value of transactions on its network. Such findings do little to alleviate concerns in the ecosystem since many believe a lot of miners migrated from the network following the halving.
Cardano, the 13th ranked cryptocurrency on CoinMarketCap, has enjoyed a fairly profitable month of April. Such growth has been in line with the many developments in Cardano’s network and ecosystem, with regular updates piquing the interest of many in the community. ADA’s surge was more acute over the past 24-hours as the cryptocurrency hiked by over 6.5% over the past 24-hours.
The bullish momentum in Cardano’s market gave birth to increasing volatility, something evidenced by the wide mouth of the Bollinger Bands. However, volatility seemed to be falling as the bands were neither expanding nor contracting. The reversal in market trend was also highlighted by the MACD indicator, with the same having pictured an imminent bearish crossover.
Cardano was in the news recently after the first block for the upcoming Shelley mainnet was created a few days ago, with the same announced by IOHK’s Charles Hoskinson. Further, at the time of writing, it would also seem that the active address count on the Cardano blockchain was improving rapidly, with the same observed to be 8.77K.
Decred, the autonomous digital currency with a hybrid consensus system, hasn’t exactly lit the cryptocurrency market on fire. Since the market crash in March, DCR has continued to move sideways with minimal growth here and there. In fact, at the time of writing, Decred was way closer to its support at $9.33, than its resistance at $24.63. One such irregular period of growth was recorded over the last 24-hours, with DCR climbing by over 3%.
The movement, or general lack of it, was evidenced by the Awesome Oscillator as it pictured barely any momentum in the market. On the contrary, the Relative Strength Index was climbing steadily closer to the overbought zone.