Daily Altcoin Analysis August 3: XRP, ADA, VET, TRX
- Ripple made no move today, extending the three-day drop to 4%.
- VeChain noted the most improvement today, rising by 8%.
- Bitcoin and Ethereum continued trading above $23k and $1.6k.
Thanks to the king coin and the altcoin king also rising and trading above $23k and $1.6k, the market did not note a drawdown.
The altcoin moved barely by 0.08% today, which prevented XRP from invalidating the 4% downtrend from the last four days.
The converging Bollinger Bands are further no good news as they indicate reducing volatility which could restrict the cryptocurrency from rising beyond 26.24%.
ADA did note some change in price as it inclined by 3.32% in the last 24 hours, but it did not contribute too much since the altcoin still has to recover more than half of June’s almost 30% crash.
The appearance of green bars on the Awesome Oscillator highlights growing bullishness which will be helpful in the recovery from June’s 31.97% crash.
Akin to Ripple, Tron also did not make any major move today, but it is still keeping the almost 24% rally from a month and a half ago intact.
This is important as it is yet to recover the 34% dip of June and the outflows visible on the Chaikin Money Flow are not positive indications.