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Altcoins

Cardano, Bitcoin Diamond, VeChain learn that surges are temporary

Jude Lopez

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Source: Unsplash

Altcoins, after having recorded solid recovery over the past week, saw its fortunes turn over the past few days. In little over 24 hours, popular altcoins such as Cardano, VeChain, and Bitcoin Diamond fell, once again recording corrections after a good run in the first few days of April.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano’s price began plummetting way before the 12 March crypto-crash. Since then, the coin has stabilized and registered minor bumps in price in the short-term. However, the price of Cardano seemed to have undergone yet another correction over the past few days, dropping its price by over 7 percent.

At press time, ADA had a trading value of $0.032 and a market cap of $830 million. If the price were to recover, there is strong resistance at $0.033 and supports at $0.030 and $0.029.

According to the MACD indicator, bearish momentum was predominant after the MACD’s bearish crossover. The RSI indicator, however, was moving towards the overbought zone.

VeChain [VET]

Source: VET/USD, TradingView

After news regarding VeChain completing the first phase of its collaboration with the Shanghai Gas Group, the coin did receive a bit of bullish momentum. However, the uptrend seemed to have been temporary as the price had dropped by around 10 percent over the past few days.

At press time, VET was being traded at $0.0031, registering a market cap of $178 million. For VET, there were two strong supports that could help stabilize the price, if it were to be overpowered by the bears, at $0.0030 and $0.0029. There was also resistance at $0.0034 for the coin.

The EMA ribbon had, at the time of writing, gone below the press time price and was offering support, preventing the price from falling further. The Stochastic Indicator, however, noted strong bearish sentiment as it was in the oversold zone.

Bitcoin Diamond [BCD]

Source: BCD/USD, TradingView

Bitcoin Diamond’s price seemed to have followed most altcoins’ trends over the past few days. In just over 24 hours. BCD’s price dropped by close to 9 percent, bringing its trading value down to $0.48. At press time, BCD’s trading price was very close to testing the support at $0.47. There was another support for the coin at $0.44, along with a point of resistance at $0.51.

The Bollinger Bands, at the time of writing, were expanding once again, indicating increased price movement in the near future. The Stochastic indicator showed bearish sentiment as it was plummetting towards the oversold zone.

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Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.

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