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Cardano, EOS, Algorand Price Analysis: 16 July

Namrata Shukla

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Source: Pixabay

The cryptocurrency community was taken by surprise after a giveaway scam perpetrated by hackers took Twitter by storm. However, at the time of writing, the market was yet to register any consequence of note. While many are still speculating over what may have been the intent behind such a stunt, many of the market’s altcoins continue to register strong gains.

Cardano [ADA]

Source: ADA/USD on TradingView

The sixth-largest cryptocurrency in the market, Cardano [ADA] was reporting a value of $0.1294, at press time. One of the market’s biggest cryptos, ADA has managed to gain a lot of attention from users over the past few months, something evidenced by its 275% returns in YTD. While the coin’s price was part of an uptrend at the time of writing, it had opened up to a lot of volatility on the charts, with the immediate resistance marked at $0.1385 while the support was at $0.1022.

This induced volatility was also reflected by the diverging Bollinger Bands. As the coin’s value has been appreciating since the beginning of July, the Signal line slid under the price candles marking this upwards trend.

Recently, the Cardano blockchain alerted its users of a giveaway scam on YouTube, a scam that was using IOHK’s Charles Hoskinson and his keynote speech to promote itself.

EOS

Source: EOS/USD on TradingView

Unlike other alts, EOS has been unable to rake in much growth for its investors. Instead, its users were at a 5% loss in terms of YTD. Despite being on an uptrend, EOS has not yet managed to regain its pre-March value as it was being traded at $2.50, at press time. The coin, at the time of writing, was closer to its immediate support at $2.42, whereas the resistance remained strong at $2.86.

Despite its low value on the charts, the coin was on an upward trend and was in the buying territory, according to the Chaikin Money Flow. A positive CMF confirmed an uptrend, and with its rising value, it suggested that EOS was noting increased buying pressure in the current market.

The EOS blockchain recently saw a social media platform, Voice, launch on its platform to promote quality content, while pushing for transparency in social media.

Algorand [ALGO]

Source: ALGO/USD on TradingView

Algorand’s market has been noting an influx of interest since the beginning of July. Due to this boost, the coin’s YTD returns were 33% and had flipped the price trend prevailing in the market. As ALGO traded at $0.2914, the resistance remained strong at $0.3215, while the support was at $0.2708. With the cryptocurrency pushing towards its resistance, no price reversal seemed to be on the horizon.

The Parabolic SAR’s dotted markers appeared below the price bars, presenting a bullish signal.

Recently, the company behind USDC coin, Circle, announced a collaboration with the Algorand Foundation to provide fiat-backed stablecoin potential to the blockchain.


Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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