Steem, Hedge Trade, Cardano Price: Lack of trading volume stalls altcoins
As the first quarter of 2020 approached conclusion, market speculators remained seated in the expectation of witnessing a major price hike over the first few days of March. However, the response across the market was rather lukewarm.
14th ranked Cardano reported a minor hike of 0.94 percent in the market as its price rose from $0.029 to $0.030. Cardano had a significant market cap of $783 million, but it was paired with an incredibly low trading volume of $81 million, suggesting a lack of activity in the market.
The Chaikin Money Flow or CMF indicated neutrality between capital inflows and outflows, whereas the Parabolic SAR hinted towards a bullish trend.
Amidst a lack of price movement, however, Cardano’s Hoskinson recently announced that Cardano could become the best crypto-asset in 2020, hinting at superior optimism unshared by the rest of the community.
The Steem token’s rise was relatively higher; with an increase of 3.08 percent, its valuation jumped from $0.140 to $0.144. At press time, it was valued at $0.142 with a market cap of $59 million. Steem’s trading volume was pretty low as well, amassing only $3.1 million over the past day.
The Bollinger Bands indicated stable price action over the next few days as the bands continued to remain parallel. The Awesome Oscillator suggested that there is a lack of momentum on both the bulls and the bears’ end.
Steem recently underwent a hardfork which led to the creation of Hive Token, and at the time of writing, Hive tokens were outperforming Steem tokens.
Hedge trade token registered a quick surge of 5.26 percent over the day as its valuation jumped from $1.6 to $1.71 on the charts. At press time, the valuation was around $1.66. Hedge Trade’s market cap remained around $469 million, but its trading volume of $525 million suggested active trading.
That being said, the trade remained bearish in the short-term, with the AO turning red on the charts and the MACD line continuing to mediate below the signal line.