Cardano, Ethereum Classic, Steem Price Analysis: 04 July
Most of the cryptocurrency market’s altcoins often follow Bitcoin, the world’s largest cryptocurrency by market cap, owing to the market share it holds. This means that as is often the case, when BTC rises, so do alts, and vice versa. The past few days have seen similar behaviour from the market’s altcoins. However, one alt, thanks to developments of its own, seems to be bucking this trend – Cardano.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano, now the market’s eighth-largest cryptocurrency, has had a profitable few days. While the rest of the market held steady as it waited for Bitcoin to rise on the charts again, ADA noted gains of its own, gains driven by major developments and announcements. In fact, some observers have claimed that the exponential pace with which ADA is rising is a sign of the crypto decoupling from Bitcoin.
Over the past few days, many major announcements concerning the Cardano ecosystem have been made. These included the release of the Shelley upgrade code, as well as steps to initiate democratization and self-sustenance when Voltaire comes along.
On the price charts, ADA seemed to be breaching resistance after resistance, with ADA gaining by almost 6% in over a day.
While the Parabolic SAR highlighted the bullishness of the ADA Market, the MACD line, while hovering over the Signal line on the charts, was too close to the other, suggesting that a trend reversal may be in sight.
Ethereum Classic [ETC]
Source: ETC/USD on TradingView
Ethereum Classic, ranked 21st on CoinMarketCap’s charts, hasn’t had much to boast of recently, with ETC having been on a downtrend over the last 2 weeks. Over the past 24 hours, however, ETC did seem to consolidate on the charts, with the crypto noting healthy, if not significant, gains of just under 1%. That being said, ETC was still some way from breaching its resistance on the charts, with the crypto, priced at $5.69, trading too close to its support level.
While the Bollinger Bands were holding steady and pointed to some degree of volatility, the Chaikin Money Flow was well below the zero mark, a sign of capital outflows being more than the capital inflows in the market.
While there haven’t been many recent developments to speak of for ETC, the cryptocurrency was in the news after Hive OS announced the launch of Ethereum Classic mining pool.
STEEM
Source: STEEM/USD on TradingView
STEEM, the cryptocurrency native to the content-focused blockchain of the same name, hasn’t had a good 2020. Following a contentious first few months of the year that saw everything from the Justin Sun-acquired Steemit confiscating the accounts of dissident validators to the emergence of HIVE, the token seemed to have mellowed down somewhat, at least on the charts.
Since 24th June, the day when Bitcoin fell to $9,100, STEEM has fallen by 4.55%, with recovery on the price charts glacial.
With respect to its market indicators, while the Awesome Oscillator pictured barely any momentum in the market, the Relative Strength Index was mediating between the oversold and overbought zones on the charts.
