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Bitcoin’s steady consolidation below the $ 10,000 mark has had an overwhelming, but inconsistent impact on the market’s altcoin fortunes. While some like Cardano stabilized their ship after corrections blocked its soaring, others like BNB have not noticed any major changes in its price movements.
Cardano [ADA]
Source: ADA / USD on TradingView
Cardano has been one of the most talked about altcoins in the market in recent weeks. And, to be honest, it’s not hard to see why. Over the past couple of weeks, the price of ADA has risen on the charts, with the ADA up more than 50% in just 14 days. At the time of writing, ADA was priced at $ 0.08, well above its support level in the charts – $ 0.02.
However, was the ADA surge and subsequent correction and consolidation a mirror of Bitcoin’s movements? Well, not necessarily, as Cardano herself noted a number of developments recently, with IOHK successfully launching Shelley’s public testnet a few days ago. In fact, by extension, it’s also hard to say that Cardano’s hike was indicative of an altseason, as suggested by a recent report from CoinMetrics.
Despite the corrections, the ADA looked very bullish on the charts while the Parabolic SAR dotted indicators were found well below the price of candles, i Chaikin money flow it remained stable at 0.20.
Binance Coin [BNB]
Source: BNB / USD on TradingView
Binance Coin, the original token of one of the largest cryptocurrency exchanges in the world, hasn’t had many developments to speak of. In fact, the latest BNB development that made headlines was Justin Sun’s Poloniex announcing the exchange pairs for Binance Coin and BUSD, despite the fact that this followed a heated online confrontation between Sun and CZ’s. Binance on the Steem saga. The announcement came on the back of CoinPayments introducing the integration of BNB for traders around the world.
The lack of major news in the BNB ecosystem is evident from looking at the token charts as BNB has been trading within a broad channel since May, with no major gains recorded.
The stagnation in the BNB market was highlighted by the token’s technical indicators as the mouth of the Bollinger bands was stable, the Relative strength index he was mediating between the oversold and overbought zones.
Algorand [ALGO]
Source: ALGO / USD on TradingView
The 46th ranked cryptocurrency on CoinMarketCap, Algorand, unlike Cardano, hasn’t noticed a noticeable rise in the rankings. However, unlike BNB, it’s not stagnant either, with Algorand noticing an increase of more than 12% over the course of 2 weeks. That said, ALGO is likely to rise by a higher margin as soon as not even 24 hours ago, Algorand announced that it will work with Blockstack to develop an open-source project to support a first-of-its-kind programming language, Clarity.
On the charts, ALGO, priced at $ 0.24, was still dangerously close to its support level rather than its resistance.
Furthermore, while the Relative strength index was in balance between the oversold and overbought zones, the MACD the line was just above the signal line on the graphs.
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