Bitcoin’s collapse below $7K stalls Cardano, BNB, Dash’s recovery efforts
For all the steady movement over the past few days, a sudden hike in volatility and a drop in price can reverse the fortunes of most altcoins in the cryptocurrency market. The case of Cardano, Binance Coin, and Dash is pretty much the same as, despite steady consolidation in the early days of April, Bitcoin’s fall had pushed these alts into the red zone.
Cardano, the 14th ranked cryptocurrency on CoinMarketCap, is on its way towards recovering its losses following the crash of 13th March. However, unlike other alts, ADA’s upward movement has been more gradual. This movement had stalled at the time of writing following Bitcoin’s fall, with the final price candle on Cardano’s price chart glowing bright red. Over the past ten days, ADA’s price recorded a growth of almost 9%.
However, the fall in question was yet to make much of an impact on Cardano’s technical indices. The Parabolic SAR’s dotted markers, for instance, remained below the price candles while the MACD line continued to hover above the signal line.
On the development side, Cardano made news after the Byron Reboot went live over 10 days ago, following which, many of the community’s managers upheld the success of the Shelley incentivized testnet network.
Binance Coin [BNB]
Binance Coin is perhaps the most successful token to have emerged out of a mainstream exchange. However, it would seem that Binance Coin’s price hasn’t always reflected the native exchange’s many developments. Like other alts in the market, BNB was yet to recover all its losses following the crash last month. And while BNB did post some gains over the past few days, the latest fall in the price of Bitcoin has pulled down the price of the token at the time of writing.
BNB’s recorded growth of over 10% in 10 days was stalled by the aforementioned fall, with the Klinger Oscillator picturing a bearish crossover on the charts. However, the Chaikin Money Flow continued to remain fairly steady, implying some degree of capital inflows.
Unlike other privacy coins like Monero, it would seem that Dash wasn’t as affected by the crypto-market’s plummet in March and at the time of writing, Dash was well over the price point it was at before the March price drop. Interestingly, Dash’s press time price of $74.87 was closer to the support, than its resistance at $133.
At the time of writing, the Bollinger Bands were expanding slightly, a reflection of Bitcoin’s price fall that transpired a few hours ago. However, the RSI remained healthy, with Dash remaining firmly between the oversold and overbought zones.
Such movement might come as little comfort to many in the community, especially after John McAfee vocally predicted that privacy coins will soon be outlawed.