It will be difficult to describe how the crypto market has performed over the past few days. On the one hand, Bitcoin, the world’s largest cryptocurrency, continued to trade horizontally below the $ 60,000 level. Ethereum, on the other hand, broke the record with $ 2140 at the time of writing.
Unfortunately for the rest of the market, most altcoins still seem to be taking orders from BTC, so the rest of the market was also trading horizontally at the time of writing. This was especially the case with Cardano and Enjin.
Cardano [ADA] price analysis
Cardano was one of the best performing players of the year, with price action on CoinMarketCap’s charts forcing it to surpass other altcoins such as LINK, Bitcoin Cash and Litecoin. Mid-March was particularly profitable for ADA holders, and the crypto walk walked to touch a new ATH on the charts. But at the time of writing, consolidation and some stagnation have become the norm in ADA’s charts, and the altcoin continues to trade in the same range for almost a week.
In fact, the ADA’s move is well aligned with the predictions made a few days ago. Although there have been short episodes of bullish momentum lately, he did not move much to initiate and maintain the bullish trend.
Nevertheless, the Cardano market continues to rise as usual. While the dotted pointers of the Parabolic SAR were well below the price candles, the Relative Strength Index was leaning towards the bulls of the market.
Altcoin has been in the news recently after IOHK announced that the Orion Protocol will be the first liquidity aggregator for the Cardano blockchain.
Ranking 54th on CoinMarketCap, Enjin, like Cardano before it, has seen a lot of comforting movement on the price lists over the past few days. In fact, ENJ continued to trade within the same price channel, despite increases and corrections of more than 6% last week alone.
It should be noted, however, that the ENJ is still a bit far from its local top in the charts, with a continuous uptrend that seems unlikely in the near term.
Enjin’s technical indicators supported this observation, as the Bollinger Bands came together to indicate a drop in short-term volatility, and the Awesome Oscillator depicted bearish signals and minimal market momentum.
Enjin recently raised over $ 19 million to create a Polkadot-based NFT blockchain.
The price action of SUSHI, one of the leading DeFi coins in the crypto market, over the past few days has been very contrary to the move cited by most of the altcoin market. While the likes of ADA and ENJ still remained in a comforting model, SUSHI increased by over 13.5% in 48 hours. At the time of writing, while the upward momentum of the altcoin stopped, it seemed to recover all its losses from the market-wide depreciation on March 25.
The upward momentum mentioned above in SUSHI was supported by the findings of the sub-indicators. With the MACD line well above the Signal line, Chaikin Money Flow was climbing above zero to suggest that capital inflows were finally stronger than capital outflows.
It is also worth noting that even though SushiSwap is still far from overtaking the likes of Uniswap, SUSHI is anticipated to continue to give its owners double-digit returns.