Cardano, Cosmos, YFI Price Analysis: 26 January
Many of the market’s altcoins gained significantly on the price charts around the 17th and 18th of January. However, this wasn’t to last, with the likes of Cardano, Cosmos, and YFI soon depreciating on the charts on the back of Bitcoin’s lacklustre performance. ADA, ATOM, and YFI’s movements weren’t uniform though, with the alts’ recovery varying across the board.
Cardano, the market’s sixth-largest cryptocurrency, has enjoyed a good 2021, with ADA’s value surging on the charts since the turn of the year. Over the past week, however, ADA’s price movement has been very inconsistent, with a sharp hike following an even sharper fall on the charts. While the cryptocurrency did hit a local top around the 17th, the crypto fell by almost 20% soon after.
At press time, Cardano had recovered by over 15%, with ADA holding steady around the $0.34-mark.
ADA’s technical indicators, however, didn’t underline the recovery made. Not only were the Parabolic SAR’s dotted markers well above the price candles to suggest bearishness, but the MACD line was also under the Signal line.
The cryptocurrency made news yesterday after IOHK’s Charles Hoskinson revealed that Cardano will be “aggressively pursuing” Fortune 500 companies who wish to expand into Africa’s emerging economies.
Like Cardano, ATOM too enjoyed a good start to the year 2021, with the cryptocurrency hiking exponentially on the price charts. Like Cardano, ATOM too fell on the charts around a week back. However, while ADA was quick to recover and recuperate almost all of its losses, ATOM was slow to do so, with the crypto hiking by only 15% after corrections, all in a matter of one week.
It can also be suggested that ATOM’s falling trade volumes contributed to the crypto failing to recover all of its losses.
ATOM’s technical indicators shared cause for optimism, however, as while the mouth of the Bollinger Bands remained wide and pointed to near-term volatility, the Relative Strength Index was mediating between the overbought and oversold zones.
YFI, one of the market’s top DeFi tokens, was valued at $27,797 with a market cap of $892 million, at press time. Like Cosmos, while YFI did recover some of its losses following its depreciation earlier in the week, it wasn’t enough, with YFI climbing by just 16% on the back of a 24% fall.
The ambivalence in YFI’s market was highlighted by its technical indicators as while the Awesome Oscillator pictured the fall of bearish momentum on the price charts, the Chaikin Money Flow was holding steady just under zero.
Yearn.Finance’s YFI was in the news recently after a proposal to incentivize and reward developers by minting additional YFI tokens gave way to a host of different reactions.