Over the past few weeks, while Bitcoin, the world’s largest cryptocurrency, has dithered and struggled to breach past its immediate resistances, altcoins have rallied, with the performance of many like Cardano giving fuel to expectations of an altseason once again. Like Cardano, cryptos such as IOTA and VeChain weren’t far behind on the charts either.
Cardano has been one of the year’s best-performing cryptocurrencies, with ADA noting YTD gains of over $263%, at the time of writing. The 7th-ranked crypto’s price performance on the charts gained exponential steam sometime in mid-May, with ADA on a sharp uptrend since then. When Bitcoin rose a few days ago, so did Cardano, jumping by 32% on the charts. It must be noted, however, that it also fell by over 6% when the king coin corrected itself.
The sharpness of Cardano’s performance was reflected by its market indicators as while the Parabolic SAR’s dotted markers were well below the price candles and highlighted bullishness, the MACD line was well above the Signal line on the charts, despite the correction waves seeping into the ADA market.
While the community eagerly awaits the Shelley hard fork later this month, IOHK’s Charles Hoskinson took to YouTube recently to denounce ‘unfair’ criticism of Cardano over the recent weeks and months. This came right after ADA’s price had touched a one-year high.
IOTA, once a popular mainstay at the top of the crypto-market, isn’t doing so well anymore, with the crypto ranked 24th on CoinMarketCap’s charts, at the time of writing. IOTA, while having long recovered the losses it noted post-Black Thursday, seemed to have stagnated after touching its resistance in the second week of June. However, this was not to last, with IOTA using Bitcoin’s attempt to breach its own resistance to climb on the charts.
Over the past 7 days, IOTA has hiked by over 12% on the charts. The significance of this hike was evidenced by its indicators as while the mouth of the Bollinger Bands was widening slightly as volatility crept in, the Chaikin Money Flow was climbing sharply towards 0.20, a sign of growing capital inflows.
IOTA made headlines recently after it announced plans for a ‘coordinator-less’ network, dubbed IOTA 2.0, a project the foundation hopes will help it take on other smart-contract platforms like Ethereum and Tron.
VeChain, like Cardano, has risen exponentially on the charts in the month of July, with VET’s price being driven by the fact that its ecosystem developments are increasingly gaining recognition across the board. This is a very interesting finding since before the month dawned, the crypto’s movement on the charts was relatively muted, with VET’s uptrend, if any, gaining glacially.
Contrary to its movements in the first six months of the year, VET surged by an astounding 123% in the first week of July. And while it corrected soon after when Bitcoin fell, it was still trading at a price unseen for a long time.
The Awesome Oscillator pictured the sharpness of the activity in the VET market, despite the fact that the bars of the latest histograms were red. Similarly, the Relative Strength Index was stabilizing right outside the overbought zone after briefly spiking on the charts.
The increasing recognition received by VeChain was highlighted by a recent report hailing VeChain’s achievements in the blockchain sector.