Cardano closer to oversold zone, as EOS, BAT march up
The price of altcoins has been indicating a bullish switch in the markets, as the coins strive to attain their previous price. As the price of BTC surged on 6 April, it provided the boost needed by most alts to set them on a path toward recovery.
The eighth-largest coin on CMC, EOS was noting an 8% loss in its value since the beginning of 2020. However, the coin was trying to earn back its value as the buyers pushed its price. The buyers’ entry in the market was made clear with the Chaikin Money Flow indicator spiking above the 0 mark as April began. The signal line remained above 0, noting the presence of buyers in the market.
The coin’s immediate resistance was marked at $2.65, while it was being traded at $2.45. The support was strong at $1.798.
Basic Attention Token [BAT]
BAT had outperformed several alts as its price exhibited a hike from the drastic tremendous fall. The price escalated to $0.1525 with a market cap of $218.23 million and a 24-hour trading volume of $58.47 million.
However, Awesome Oscillator indicator hinted at a reduced bullish momentum. This could mean that a change in trend is imminent unless the momentum rises.
Cardano’s price was plummeting even before the crash that took down most cryptos. However, the 16th largest crypto has since, stabilized and has been registering spurts of growth. At press time, the price of the coin has jumped to $0.0331, while the immediate resistance was close to $0.0349.
The buyers had flooded the ADA market and the Relative Strength Index was moving closer to the oversold zone.