The past 24-hour’s price action for most altcoins wasn’t very inspiring. Most altcoins seemed to have followed Bitcoin and have registered significant price drops. During the course of the past day, the price of Cardano, Tezos, and Basic Attention Token decreased by up to 11 percent.
Source: ADA/USD, TradingView
Cardano currently occupies the 11th spot on CoinMarketCap’s list. At press time, Cardano was being traded at $0.071 and has a market cap of $1.8 billion. Since June 14, the price of Cardano fell by 11 percent and its trading price is currently extremely close to testing the support at $0.069. If the coin’s price were to recover it is likely to be met with resistance at the $0.081 mark.
The MACD indicator for Cardano has undergone a bearish crossover – a bearish sign for its current trading price. The EMA ribbon has settled above the price of Cardano and is likely to offer resistance.
IOHK, the company behind Cardano, was recently in the news after it became one of the latest companies to join Hyperledger – a consortium of firms working on open-source enterprise solutions that use distributed ledger technologies (DLT).
Source: XTZ/USD, TradingView
Tezos endured a similar price drop, but marginally better. The price of Tezos fell by over 8 percent bringing its current trading price to $2.5. The current price of Tezos is closer to the support at $2.4 in comparison to the resistance. However, if the price were to see a reversal and begin on an uptrend, Tezos’ price may soon test the resistance at $2.7.
The Bollinger Bands for Tezos has expanded significantly and implies increased volatility for the coin’s price. The RSI indicator is now well into the oversold zone, but a reversal may be in the works. In terms of development related news according to Staking Rewards, Tezos is one of the most staked digital assets in the market right now.
Basic Attention Token [BAT]
Source: BAT/USD, TradingView
After having done fairly well in the first week of June, BAT’s price saw a 10 percent dip in its trading price yesterday. The price of BAT is currently $0.21 with a market cap of $310 million. The current trading price is close to testing the support at $0.20 and also has a resistance at $0.23.
The RSI indicator for the coin is now at the oversold zone implying significant selling pressure. The EMA ribbon are currently above the trading price and is well-positioned to offer resistance to BAT’s price.