Bitcoin’s steady consolidation above the $11,000-mark has come as a relief for many who were waiting on their heels for the world’s largest cryptocurrency to finally post some gains on the charts. However, BTC’s fortunes weren’t exactly shared by the market’s altcoins as soon after hitting their respective local tops, many of them fell, including the likes of Cardano, EOS, and DASH.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano, now the 8th-largest cryptocurrency in the market, has been one of the year’s best performers. However, after noting exponential gains in the month of June and July, the month of August has been disappointing for ADA, with the cryptocurrency trading within a tight trading channel for a while now. While it did climb on the back of Bitcoin’s own hike, this was short-lived. In fact, ADA also registered a sharp fall on the charts recently, with ADA’s value dropping by over 7%. The same was accompanied by falling trade volumes.
That being said, however, ADA was still trading at its July 2018 levels, at press time.
The ensuing bearishness in the ADA market was underlined by the Parabolic SAR’s dotted markers as they were observed to be well over the price candles for the past 10 days. On the contrary, the Chaikin Money Flow continued to point to a healthy level of capital inflows.
A lot of the growth can be attributed to Cardano’s Shelley upgrade from last month. Following the same, over 10 billion ADA have now been staked on the network.
EOS
Source: EOS/USD on TradingView
EOS, once a popular mainstay in the top-10 of the cryptocurrency charts, isn’t there anymore, with the crypto ranked 13th, at the time of writing. Like Cardano, EOS too has been inconsistent on the charts since hitting its local top. In fact, over a particularly volatile 48-hour period recently, EOS climbed by 7.6%, before falling by 7.3%. At press time, however, EOS was still trading at a level that was closer to its resistance, than its support.
The cryptocurrency’s technical indicators highlighted such inconsistent movement as while the mouth of the Bollinger Bands remained wide to suggest incoming volatility, the MACD line had dipped under the Signal line on the charts, following a bearish crossover that followed a very short-lived bullish crossover.
DASH
Source: DASH/USD on TradingView
One of the crypto-market’s most popular privacy coins, DASH has seen its market share fall steadily on the charts over the past few months. However, since the last week of July, DASH has been on a great run, with the crypto climbing to hit a local top that saw it touch its March 2020 levels. Since hitting the same, however, DASH has fallen, and it has fallen badly, with the crypto noting losses of almost 10% on the charts. At the time of writing, DASH, priced at $90.62, was noting YTD gains of over 114%.
While the Relative Strength Index seemed to even itself on the charts between the oversold and overbought zones, the Awesome Oscillator pictured falling market momentum, with the same leaning towards the bearish side.
DASH was in the news recently after reports suggested that a Russian financial watchdog was developing a tool that will help trace major cryptos like Bitcoin and privacy coins like DASH and Monero.
