Cardano, Ethereum Classic, and Crypto.com Coin were among the alts to fall down the charts on the back of Bitcoin’s drop from over $60,000 to under $52,000. However, while ordinarily, high correlation stats would entail that these cryptos would follow Bitcoin’s road to recovery too, these efforts weren’t uniform or consistent in any way.
Cardano, the cryptocurrency ranked 4th on CoinMarketCap’s list, is a recent entry into the top-5, with its price performance over the past month or two pushing the alt up the charts. Like the rest of the altcoins in the market, ADA too corrected itself on the back of BTC’s depreciation, with the crypto falling by over 10% in just 48 hours.
At press time, however, Cardano’s price action was at the end of a significant recovery run, with the alt registering a 21% hike in 12 hours a few trading sessions ago. In fact, ADA was once again priced at a level last seen during the first week of March.
Cardano’s technical indicators highlighted the bullishness in the market as while the Parabolic SAR’s dotted markers were well under the price candles, the Awesome Oscillator pictured a sharp uptick in positive momentum.
For all its growth, however, ADA isn’t without skeptics, with CoinMetrics’ Nic Carter recently commenting that he is “mystified” by the resurgence in Cardano’s popularity.
Ethereum Classic [ETC]
Ethereum Classic’s gradual uptrend on the price charts came to a grinding halt after corrections hit its market. While ETC fell by over 13% within a span of just 2 days, it is worth noting that the said fall came on the back of ETC climbing by almost 18% in under 20 hours. At the time of writing, it was back to square one for ETC, with its indicators far from underlining the direction the crypto will move in next.
While the mouth of the Bollinger Bands was closing in somewhat, the Relative Strength Index was close to the 40-mark. These findings suggested that ETC was still undecided about its near-term price action. It should be noted, however, that any significant movement should be backed by more substantive trade volumes.
The altcoin was in the news recently after Grayscale revealed that it bought over 80k ETC.
Crypto.com Coin [CRO]
Ranked 18th at the time of writing, Crypto.com Coin has fallen significantly on the rankings over the past few months. Like ETC, CRO too was on an uptrend, before market-wide corrections hit, with the crypto falling by over 12%. At press time, however, some recovery was underway, with the alt climbing by over 14% in a matter of hours.
This meant that unlike most alts, CRO had recovered its previous week’s losses, at the time of writing.
CRO’s indicators were leaning towards the bulls too. While the MACD line was just above the Signal line, the Chaikin Money Flow was skirting zero.