The altcoin market continues to demonstrate its close ties to the world’s largest and most dominant cryptocurrency, Bitcoin. As Bitcoin’s price fell on the charts at the start of the week, the same was replicated by popular altcoins such as Cardano, Algorand, and VeChain, with price drops of up to 20 percent noted on the charts.
Cardano [ADA]
Source: ADA/USD, TradingView
Cardano, owing to its falling market capitalization, had dropped out of the top-10 and was trading at $0.077, at press time. In fact, the previous week has not been kind to the cryptocurrency as it saw its price depreciate by over 18 percent, with key supports turning into resistance levels for ADA. At the time of writing, Cardano had a 24-hour trading volume of $524 million and a market cap of $2.4 billion.
For Cardano’s price, there was a strong resistance level at $0.079 and $0.088. However, if the price were to fall further, it may stabilize around the support level at $0.075.
The Bollinger Bands for ADA were fairly wide, but were slowly contracting at press time – a sign of reduced volatility for the coin’s price in the coming days. The MACD indicator, on the other hand, was inching close to a bullish crossover as the MACD line was converging on the signal line.
In a recent interview, Cardano’s Charles Hoskinson highlighted how the platform is now moving towards focusing and serving as a global financial operating system
Algorand [ALGO]
Source: ALGO/USD, TradingView
Algorand’s price took a major hit over the past week and saw its value drop by over 18 percent, with the same being traded at $0.27. At press time, the cryptocurrency was noting a 24-hour trading volume of $121 million, after having registered a 10 percent dip in just 24 hours. For the coin, there was substantial resistance at two key points – $0.30 and $0.33. However, at the time of writing, ALGO was also testing the support at around $0.27.
The EMA ribbons had settled above the press time trading price and were offering resistance against Algorand’s potential uptrend. The RSI indicated strong bearishness too, as it was well into the oversold zone.
VeChain [VET]
Source: VET/USD, TradingView
In sync with the other two cryptocurrencies, the past week saw VET fall by over 20 percent. This dip brought its trading price down to $0.011, with the crypto having a market cap of $763 million. At press time, the coin was testing the support at $0.011 and if the support does stabilize the coin’s fall, it may soon be headed to its immediate resistance at $0.012.
The EMA ribbons were now offering resistance at the $0.012 – $0.013 price range for VET’s price. The Stochastic indicator signaled bearish sentiments as it was languishing in the oversold zone.
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