Cardano, Enjin, SUSHI Price Movement Analysis for 3rd April, 2021

Spread the love

It’s impossible to translate into terms how the cryptocurrency market has done in the last several days. In the one hand, Bitcoin, the world’s biggest blockchain, has remained sideways below the $60,000 mark. At press time, Ethereum had reached its previous ATH of $2,040, with the alt approaching $2,100 on the charts.

Unfortunately for the rest of the industry, most alts already seem to be following BTC’s lead, which is why the rest of the sector was moving sideways at the time of publishing. This was particularly true for Cardano and Enjin.

Cardano [ADA]

Cardano has been one of the year’s top performers, with its price action propelling it past altcoins such as LINK, Bitcoin Cash, and Litecoin on CoinMarketCap’s charts. Mid-March was particularly lucrative for ADA investors, with the cryptocurrency soaring to a new all-time peak on the charts. At the time of writing, though, stabilisation and a little stagnancy were the standard on ADA’s charts, with the alt trading in the same range for nearly a week.

In reality, ADA’s movement has been very consistent with the predictions produced only a few days earlier. Although there have been fleeting bursts of bullish energy lately, they have been insufficient to launch and maintain a bullish uptrend.

Despite this, the Cardano market remains bullish. The crypto’s technical indicators confirmed this, as the Parabolic SAR’s dotted markers were just below the price candles, whilst the Relative Strength Index was leaning towards the market’s bulls.

RECOMMENDED READ:  Inspector General: FBI needs better dark web and digital currency approach

The altcoin recently made headlines when IOHK revealed that Orion Protocol will be the first liquidity aggregator for the Cardano blockchain.

Enjin [ENJ]

Source: ENJ/USD on TradingView

Enjin, the altcoin ranked 54th on CoinMarketCap at the time of publication, has seen a lot of consolidatory activity on the price charts over the last few days, similar to Cardano before it. In reality, after more than 6% price increases and corrections in the last week alone, ENJ was still trading inside the same price channel.

It should be remembered, however, that ENJ was still a long way from its local high on the charts, and a sustained uptrend seemed impossible in the near term

This finding was supported by Enjin’s technical indicators, which showed the mouth of the Bollinger Bands converging to indicate a decrease in short-term uncertainty and the Awesome Oscillator displaying limited market momentum with bursts of bearish signals.

Enjin reportedly raised more than $19 million to create a Polkadot-based NFT blockchain.

SushiSwap [SUSHI]

Source: SUSHI/USD on TradingView

SUSHI, one of the crypto-premier market’s DeFi coins, has seen its price shift in the opposite direction of the majority of the altcoin market over the last few days. Though ADA and ENJ remained in a consolidation trend, SUSHI increased by more than 13.5 percent in less than 48 hours. Although the alt’s bullish momentum had eased, it seemed poised to recoup all of its losses from the market-wide depreciation on March 25.

RECOMMENDED READ:  Chainlink, Dash, IOTA Price Movement Analysis for 6th April, 2021

The results of the alt’s indicators supported the aforementioned bullish trend in SUSHI’s sector. Although the MACD line was well above the Signal line, the Chaikin Money Flow was rising above zero, indicating that capital inflows had eventually surpassed capital outflows.

Furthermore, while SushiSwap is still a long way from overtaking the likes of Uniswap, it is worth noting that SUSHI is expected to continue providing investors with double-digit returns.

 

 298 Interactions,  6 today

READ ALSO:
Bitcoin Cash, Qtum, SushiSwap Price Movement Analysis for 14th April, 2021

Bitcoin Cash's advances were halted at the 200 percent Fibonacci extension mark ($819.2), but bulls were expected to push the Read more

Polkadot, VeChain, SushiSwap Price Movement Analysis for 10th April, 2021

Polkadot could soon convert the $42 level to help and begin to rise. SushiSwap was heading downward but could display Read more

Aave, Binance Coin, SushiSwap Price Movement Analysis for 5th April, 2021

Aave tried to reach the range highs of $421. Binance Coin has approached its former peak of $356, and the Read more

Binance Coin, Dogecoin, SushiSwap Price Movement Analysis for 4th April, 2021

Binance Coin predicted that fresher record thresholds will be set in the coming days due to solid technicals. Following a Read more

Polkadot, SUSHI, THETA Price Movement Analysis for 30th March, 2021

Given the fact that stabilisation has been the standard for the majority of the last 36 hours, the market has Read more

Hedera Hashgraph, LEO, SushiSwap Price Movement Analysis for 28th March, 2021

Since sustaining losses in the previous week, the altcoin market seems to be on the rebound at the moment. This Read more

SushiSwap, Klaytn, Terra Price Movement Analysis for 26th March, 2021

Bearish sentiment had not yet reversed across the altcoin markets, but some coins, in particular, showed a lack of selling Read more

SushiSwap announces the first edition of the lengthy Kashi release.

SushiSwap aspires to have a broader nett of margin assets than independent DeFi lending sites. Exchange that is decentralised SushiSwap Read more

Binance Coin, Enjin Coin, SUSHI Price Movement Analysis for 25th March, 2021

In the last few days, there has been a spike in bearishness in the cryptocurrency sector. As predicted, this followed Read more

Sushiswap, Qtum Price Movement Analysis for 24th March, 2021

SUSHI's downtrend could be reversed if the bulls retake the $19.2-level, while THETA could cool off from record highs. SushiSwap Read more

Why Defi tokens, AAVE, SUSHI, UNI deserve your undivided attention in the current market cycle

The altcoin season has been a cliche, and DeFi tokens have rallied to the point of leading the most recent Read more

Leave a Reply

Contact Us