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