NANO, Augur, Cardano Price: Eclipses galore as alts looks to shine
With the start of every quarter come prospects anew; new price targets, new achievements, and new expectations. For the altcoins, the target remains unchanged; eclipse Bitcoin someway, somehow. Going by the celestial logic, few altcoins on the charts are creating their own eclipses, outshining their previous prices.
The 14th largest cryptocurrency on the market, Cardano has been trending upwards over the past few days, mounting an upward channel that has since its formation, been slanting a little towards its base.
ADA’s price eclipse has been going on since 29 March, a day when the price dropped from over $0.03 to $028, forming support, before trending upwards. The move up was met with two resistance levels at $0.0303 and $0.0306, respectively, with the former being broken and the latter being contested.
The RSI for the altcoin was moving upwards over the past 48-hours, moving from 34 to its press time value of 60.55.
Augur’s performance over the past few days has been a tale of two halves; one going up with over-optimism and then correcting downwards steeply. Since moving from $9.23 to over $10.7 in under two days, the reversal has been quick, taking the price from a strong upward channel to a strong downward channel.
The price, after trending downwards, dropped below the resistance level at $10.41 and was slowly heading for the support at $9.67, with increasing momentum. The press time price of $9.93 had stabilized over the past few hours but was still on a knife’s edge.
The MACD indicated a bearish move as the Signal line had moved over the MACD line and together, both of them had dropped below 0.
Nano was mounting what appeared to be a reverse head and shoulders, with the price drop to $0.426 acting as a cavity, and a support level. The first shoulder formed as a result of the drop from $0.5 to under $0.45, the head exacerbated the drop to $0.426, and the rise since 30 March formed the second shoulder, taking the price up to its press time valuation of $0.488.
The rapid formation of the H&S broke two key support levels at $0.456 and $0.481, respectively. Looking ahead, the next resistance level lies at $0.51, a fair distance away from the press time price.
The Bollinger Bands for the altcoin point to an increase in volatility, given the expanding bands and the rapidly increasing price. Further, the average line was well below the press time price, indicative of a bullish spree.