Altcoin prices have descended of late, with some cryptos including Cardano struggling to hold themselves from falling through vital support levels. ATOM’s fall in price pushed its market cap down by 5.23% and finally, COMP registered low market volatility on the charts.
Cardano [ADA]
ADA/USD, TradingView
ADA recorded a marginal fall of 0.9% over the last 24 hours. However, over the last week, ADA was down by 13.1%. The alt traded in a directionless manner for most of this month and subsequently, over the last two weeks, set out on a downtrend.
ADA struggled to stay above its immediate support levels, with Bitcoin’s bearishness passing on sell signals too.
The Relative Strength Index noted a downtick again, indicating that buying pressure was considerably low at press time. Correspondingly, the Chaikin Money Flow also pictured a fall in capital inflows.
The MACD indicator stretched laterally with mostly bearish signals as red signal bars were visible at the time of writing. The indicator registered a bearish crossover on 12 July.
Cosmos [ATOM]
ATOM/USD, TradingView
ATOM’s prices declined post 12 July and even though it revived ever so slightly over the last 48 hours, that did not last long. At press time, the alt was priced at $10.53 with an intra-day gain of 2.0%.
The bears in the market could push the price to cascade below the crucial support level of $8.74. The trading volume for ATOM increased by 129.44% over the last 24 hours too.
The crypto-asset’s volatility remained low as the Bollinger Bands narrowed on the charts. The Squeeze Momentum Indicator too portrayed a squeeze, a period that marks low volatility. However, a price breakout cannot be ruled out.
As the alt’s price has been on the path of decline recently, the Awesome Oscillator noted the onset of a bearish signal with the appearance of red signals on the indicator.
Compound [COMP]
COMP/USD, TradingView
COMP’s latest price action has been decent, considering the rest of the market noted a significant downturn. The token rallied for most of the month, and at press time, was trading at $369.
COMP mostly has oscillated between the price levels of $456 and $362, However, it has been moving very close to the support level of $362 and at its press time price, if the coin registers a slight dip, it would fall through that level.
On the other hand, if the bears propel the price, the resistance level to look for would be $456. The Bollinger Bands were mostly parallel with very little convergence, indicating low market volatility.
Compound lost 2.5% of its valuation over the last 24 hours, and as the price fell, the dotted lines of the Parabolic SAR indicator aligned themselves above the candlesticks, affirming the same. On 16 July, post a bearish crossover on the MACD indicator, the crypto observed the onset of bearish momentum.
