Cardano, EOS, DigiByte Price Analysis: 04 June
Most of the market’s altcoins have been doing well lately, consolidating steadily on the charts despite the fact that the world’s largest cryptocurrency’s price movements have been slightly erratic over the past week. This was especially true of altcoins such as Cardano, EOS, and DigiByte, all of whom are justing coming off major updates on the development front.
Cardano, over the course of the past week, has been one of the market’s best-performing coins, with ADA surging by 13.14% over the last 24-hours. This is a critical observation as ADA’s price movement comes on the back of Cardano announcing new pioneer stake pools for the Friends and Family testnet. The optimism in the community was also highlighted by Cardano’s rising social volumes.
Here, it also interesting to note that the crypto wasn’t terribly affected by Bitcoin’s erratic movement on the price charts.
At the time of writing, ADA was priced at $0.08, well above its support level at $0.05. While the widened Bollinger Bands suggested increasing market volatility, the MACD line surged past the Signal line on the charts following a bullish crossover.
EOS, once a regular in the top five of the cryptocurrency charts, is now languishing at 9th. However, despite its steady fall in the rankings, EOS continues to boast a strong 24-hour trading volume that was found to be upwards of $1 billion.
Unlike Cardano, EOS’s price charts were affected by Bitcoin’s sharp hike and fall. However, like most alts, EOS was able to consolidate and strengthen its position, with the crypto noting gains of over 3% over the past 24-hours.
However, its market indicators continued to give mixed signals. While the Parabolic SAR highlighted bearishness with the dotted markers above the price candles, the Chaikin Money Flow was seen to be climbing steeply on the charts, a sign of growing capital inflows.
Brendan Blumer, Co-founder of Block.One, recently celebrated the 2nd anniversary of EOS. However, the sense of elation might be undercut by the fact that EOS is down by 66% in a year, an observation that doesn’t bode well for a community that has had a tough 2020.
DigiByte’s price performance over the year 2020 has been evidence of the market’s volatility in a microcosm. DigiByte peaked in the first week of May, peaking at $0.03 on the charts on 6 May. In fact, DigiByte’s bull run was underlined by its 900% gains against BTC over the course of two months. At the time of writing, volatility was still in play as DGB was down by 10.5% on the charts over a week.
Here, it is interesting to note that DigiByte’s gains didn’t sit well with Jared Tate, with the founder of DigiByte taking a shot at “short-term profiteering” and centralization. Tate subsequently announced that he would be stepping down from his role.
The market indicators for DigiByte underlined the fall in the token’s value, with the Awesome Oscillator picturing barely any momentum and the Relative Strength Index mediating between the oversold and overbought zones.