Cardano, IOTA, Dash rally as alts near closing stretch in May
For a lot of altcoins, the month of May meant a period of consolidation, one punctuated by brief price falls here and there. At the time of writing, some of these alts were continuing on their established uptrend. While Bitcoin continued to linger near the $10k mark, altcoins such as Cardano, IOTA, and Dash registered significant gains over the past 24-hours.
For the world’s eleventh largest cryptocurrency, Cardano, the past 24-hours have proved to be quite beneficial. The price of ADA saw a 10 percent surge, pushing its trading price to $0.055. Cardano, at the time of writing, had a market cap of $1.4 billion and a 24-hour trading volume of $214 million.
If the uptrend were to continue, the price of ADA could meet the resistance at $0.057. However if the price were to take a turn for the worse, the support at $0.051 may come in handy.
According to the MACD indicator, Cardano’s uptrend is likely to continue, as it registered a bullish crossover. The Relative Strength Index, however, while above the neutral zone, was moving towards the oversold zone.
In terms of developments within the Cardano ecosystem, it was recently reported that IOHK is working on a crypto-native chip at its blockchain lab at the University of Wyoming to further cash-like experience delivered through its cryptocurrency.
In the past 24-hours, IOTA has been another big winner in terms of price. In over a day’s time, the coin managed to surge by 13 percent, pushing its trading price to $0.20. At press time, IOTA had a market cap of $570 million and a 24-hour trading volume of $20 million. For the crypto, there were strong supports at $0.19 and $0.18. However, if the uptrend were to sustain, the resistance at $0.21 may soon be tested.
The Bollinger Bands for IOTA, at the time of writing, had drastically expanded, implying increasing volatility for the price of the coin. The MACD indicator, however, underwent a bullish crossover.
IOTA was recently in the news after Society2, a privacy-focused, “decentralized social media framework,” announced that it would be building its network with IOTA streams as the base-layer, which happens to be a platform built by the IOTA foundation.
Unlike the previous two coins, Dash’s fortunes didn’t hike by as much over the past 24-hours, with the token moving up by 5 percent. At press time, Dash had a trading value of $74. There was strong support for the coin at $71, with a crucial resistance it would have to breach at $79.
The EMA ribbon, at the time of writing, was positioned above the price of the coin and was offering resistance to the price. Further, the RSI indicator was steadily heading towards the oversold zone, a development that may hurt Dash’s price in the near future.