What’s next for Ethereum, Cardano, Vechain and Holo after their weeklong bullish streak?
The hottest altcoins based on trade volume and transaction data from the past 24 hours are HOLO, VET, ADA, ETH in that order. The price gain in the past 24 hours is 30.99% for Holo, double-digit gains below 15% for VeChain, Cardano, and Ethereum.
With increasing conversations on crypto Twitter regarding the lack of practical usage and application for top alts and DeFi tokens, the interest in HOT, VET, and ADA has spiked considerably.
HOT’s trade volume was up over 214% in the past 24 hours, this increased liquidity is being absorbed by demand on Binance, in the USDT market, and on Turkish exchange Paribu’s fiat market. HOT hit its ATH earlier today, at $0.01134 based on price data from coinmarketcap.com.
With a YTD ROI of over 152%, HOT has offered double-digit returns to retail traders in the past month. Similarly, ADA and VET’s price was up 5.71% and 11.82%, respectively. In the case of ADA, a bullish pattern emerges from the repeating ADA-BTC volume trend, the following chart shows ADA-BTC trade volume for the past 6 months.
Currently, based on on-chain analysis, intotheblock, data suggests that the sentiment is bearish for ADA, but the volume is of the level before a potential breakthrough. It is likely that the rally slows further over the weekend and resumes from the next week.
In the case of VET, after over two weeks of large volume transactions, the sentiment has dropped to bearish and the concentration by large HODLers is dropping.
The 24-hour trade volume has dropped by over 12% and this signals a correction in VET’s price. Based on analysis from Cryptocompare, over 90% of VET’s trade volume is from Binance markets, and currently, the price is up over 10% in the past 24 hours.
VET may still be on a bullish streak, an overextended price rally on Binance. As in the case of ETH, the asset continues to be undervalued even at the current price level. ETH was rangebound below $1738, unless there is enough liquidity it may be challenging for the volatility to increase and cross the $1738 level. The bullish streak for HOT, VET, and ETH may be extended, with a cooling off of ADA.