248 Interactions, 2 today
While some altcoins were trying to find stable ground, a few had already recovered from the volatile market. As Cardano’s [ADA] price moves cautiously, Monero [XMR] and Crypto.com [CRO] had witnessed growth.
Meanwhile, Bitcoin continued to trade around $49,834 and has seen a 24-hour price change of +0.97 percent.
The above Cardano [ADA] chart shows that the valuation has not fully recovered after a visible price drop. ADA was trading at $1.10 and has continued to stay above the $1.08 support level. Since the price has been stable, market turnover has been minimal.
As shown by the relative strength index, the low volatility has held the ADA market in check. At the time of publication, the indicator stood at 47, indicating that the purchasing and selling pressures had evened out. Meanwhile, the momentum was negative, yet the Awesome Oscillator indicated that the market’s purchasing momentum was increasing.
Monero was indicating a gradual surge in price ever since its fall on 22 April. XMR’s value has not only recovered but was testing resistance at $391. The price failed to breach this resistance and slipped to $380, where it currently finds itself.
This failure to breach the resistance has rescued the coin from being overbought and it was currently close to the equilibrium zone. The relative strength index was noting that the market was seeing similar buying and selling pressure, although sellers may be ahead by a few points. The rejection has pushed the sellers forward, however, there was strong support for the XMR price at $365.48.
Crypto.com Coin [CRO]
The CRO token’s worth soared and was now confined to a narrow range of $0.1657 to $0.1747. The volatility has been drained out of the market as the coin priced at $0.1685.
The market was in perfect equilibrium because turnover was low and purchasing and selling of CRO occurred within a narrow range, as shown by the relative strength index. However, the market seemed optimistic because liquidity was pouring in, as shown by the positive Chaikin Money Flow.
The CRO sector may remain in this process of consolidation until it is impacted by external fluctuations.