Key Insights:
- Tron was only one among the lot to note substantial growth.
- Ripple and Cardano continue to stick to their downtrend.
- Bitcoin and Ethereum increased slightly to trade at $22k and $1.54k, respectively.
While the rest of the crypto market enjoyed the impact of the bulls over the last 24 hours, some altcoins failed to make the most of the rally.
This cohort included the likes of Ripple, Cardano, and VeChain, while Tron observed green today as the king coin, and the altcoin king closed above $22k and $1.5k at press time.
The Parabolic SAR is already indicating a downtrend, which will increase problems for the cryptocurrency going forward.
Cardano (ADA)
Same as Ripple, Cardano also fell by almost 72% in the span of 72 hours, remaining bound to a sideways momentum. Trading at $0.46, ADA will find some trouble in the next couple of days as it lost the support of the 50-day Simple Moving Average (SMA) (red) line.
However, if it is able to reclaim it as support, ADA might be able to recover some of its 62.38% losses it observed between April and May.
The MACD also witnessed its first ever bearish crossover today after a month which could lead to further price falls if the bearishness intensifies.
Tron (TRX)
Tron was one of the better performing altcoins today, rising by 4.11% at the time of writing to trade at $0.066. Although it isn’t enough to recover the week-long depreciation, it is enough to save the recovery TRX made after June’s 34.09% crash.
The lack of volatility visible on the Bollinger Bands is not a matter of concern at the moment since the candlestick is below the basis. If the volatility increases, TRX could sink further.