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Cardano, IOTA, Steem’s fortunes uncertain with very similar price action

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The cryptocurrency market is one that has a host of altcoins existing under its umbrella. However, not every crypto in the market reports movements independent of each other. In fact, a majority of them remain significantly under the influence of Bitcoin, the world’s largest cryptocurrency, which is why many such altcoins often record similar market trends. The cases of Cardano, IOTA, and Steem are very much the same.

Cardano [ADA]

Source: ADA/USD on TradingView

Cardano, the 15th ranked crypto on CoinmarketCap, has not always lit the community on fire with its rapid price movements. Cardano has, however, revealed a host of developments recently, all of which have been received very well by Cardano’s very vocal community. In fact, just recently, IOHK’s Charles Hoskinson’s announcement revealing that the Byron reboot went ahead without any issues was greeted very well by many. At the time of writing, Cardano was trading at a price of $0.03, having recorded a fall of over 10% in the last 10 days.

However, surprisingly, the fall in value took its own sweet time being reflected on the MACD indicator, with a bearish crossover yet to come. Further, the uniformity of the Bollinger Bands would suggest that volatility is going to be low over the next few days for ADA.


IOTA 

Source: IOTA/USD on TradingView

IOTA, once a regular entry in the top 10 of the cryptocurrency charts, was languishing at 25th on CoinMarketCap’s charts. At the time of writing, IOTA was being traded at a price of $0.152, with the token having fallen by over 11% over the last 7 days.

Here, it is interesting to note that IOTA’s aforementioned fall followed a period of relative growth that followed the Crypto Ratings Council, a self-governing body committed to a framework for digital asset adoption in the United States, giving IOTA a score of 2.0. At the time, IOTA had welcomed the same, claiming,

“This is a strong score for the IOTA technology, community, and ecosystem, as it shows our commitment, since day one, of positioning the IOTA token as a real-world value transfer mechanism between humans and devices in the machine economy.”

That being said, the technical indicators for IOTA weren’t so skeptical. While the Parabolic SAR remained bullish, the Awesome Oscillator suggested the lack of momentum in the market.

Steem

Source: STEEM/USD on TradingView

At the time of writing, the token was inching towards stabilizing its position in the market, with STEEM priced at $0.149. However, while some stability was found, the token was still dangerously close to its level of support that is placed at $0.109. Despite the token maintaining its level to some degree, it did register a fall of almost 14% over the past 7 days.

The aforementioned hint of stability was evidenced by the token’s technical indicators. While the Relative Strength Index had evened out on the charts, the Chaikin Money Flow had, at the time of writing, inched just above 0.


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Jibin is Editor-in-Chief at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA
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