Cardano, Stellar, Algorand Price Analysis: 21 July
Major altcoins in the digital asset industry are currently having quite a ball over the course of the past week. Prices are entering a period of volatility and assets are following their individual trend in the market. Cardano and Stellar continued to ascend in their respective markets whereas ALGO tokens are facing a minor depreciation at the time of writing.
After hitting a yearly high of $0.137 on the 8th of July, Cardano has steamed off its rally slightly but over the past 24-hours, ADA was able to gain 1.75 percent in terms of its valuation. With a market cap of $3.19 billion, Cardano had an average trading volume of $214 million in the charts.
Market Indicators suggested a bullish period for the asset as the Chaikin Money Flow or CMF indicator exhibited a higher influx in the capital than outflow.
MACD also registered a bullish hike as the blue line hovered over the red line.
Ryan Selkis, CEO of Messari had recently applauded the efforts and development of Cardano in the space, noting that the staking process is not a dead-end venture.
41st ranked Algorand has not been one of the altcoins who was able to take advantage of the momentum, with the coin steadily dropping in price over the past few months. However, the asset has been able to maintain a high, following a hike on 16th July but remained on a decline over the past 24-hours. A drop of 6.53 was observed as Parabolic SAR dotted lines appeared above the candlesticks, verifying its bearish trend.
With a market cap of $273 million, ALGO had a decent trading volume of $104 million. In spite of healthy credentials, the trading volume was mostly controlled by sellers as Relative Strength Index or RSI remained on a decline. CMF or Chaikin Money Flow also exhibited higher outflows than inflows at the moment.
Lastly, 15th ranked Stellar was able to join in the bullish bandwagon, hiking by 2 percent on the past 8-hours. However, for XLM the trend continued to be pretty bearish. Relative Strength Index or RSI is mostly undergoing a trend reversal supporting the case of sellers, whereas capital outflows continued to dominate inflows at press time.
The asset had a market cap of $1.9 billion in the charts but it was backed with a poor trading volume of $243 million.
Bollinger Bands also indicated a reduced volatile period as the bands converged in the charts.