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At the time of writing, Bitcoin’s recovery run had slowed somewhat, with a similar impact on the recovery attempts of altcoins such as Cardano, Filecoin, and Bitcoin Cash.
Cardano, the crypto ranked sixth on CoinMarketCap’s rankings, has recovered all of its recent losses thanks to an uptrend that has seen ADA rise by nearly 23 percent in a matter of days. Although the altcoin was still far from its ATH at the time of publication, it was traded at prices similar to those seen in mid-April.
It should be remembered, though, that the previously reported increase had somewhat slowed over the last few trading sessions. Though not a pattern turnaround, the next few sessions will be critical in determining which path ADA will take next.
Although the dotted markers on the Parabolic SAR were under the price candles, indicating bullishness, the Relative Strength Index was close to the overbought region.
In reality, Cardano’s market action validated the predictions made in a recent report.
Bitcoin Cash [BCH]
Rather than other altcoins, the price of Bitcoin Cash has been directly tied to the fluctuations of the cryptocurrency from which it forked – Bitcoin. The same was true over the past week, when BCH entered BTC’s turnaround run before selling sideways within a narrow range when Bitcoin began to do so as well.
As a result, the king coin’s near-term market fortunes would be critical in determining which direction BCH takes. Having said that, the altcoin has risen by more than 20% in a matter of days, indicating how rapid its rise has been.
While the Bollinger Bands mouth was closing due to slowing fluctuations, the MACD line was just above the Signal line. A bearish convergence here could be interpreted negatively for the BCH industry.
With Bitcoin Cash supporters lobbying to make Tesla accept BCH transfers, it would be curious to see how such stunts bear fruit.
Following a fleeting stretch in which Filecoin traded in the top ten of the industry, FIL was ranked 17th on CoinMarketCap at the time of publication. Its chart price activity was unusual, particularly as compared to the rest of the market’s alts.
Although FIL saw an increase in value shortly after the market-wide downturn on April 25th, the altcoin has been on a slow downtrend over the last few trading sessions. This has prevented FIL from recouping its entire recent loss. Although the Awesome Oscillator’s histogram indicated a sudden drop in market momentum, Chaikin Money Flow remained stable around the 0.20 level.