Most of the market’s altcoins rose significantly in price charts on January 17 and 18. However, this did not last long, as the likes of Cardano, Cosmos, and YFI followed the poor performance of Bitcoin.
Cardano, the sixth largest cryptocurrency on the market, started the year 2021 with a good performance. ADA’s value has risen on the charts since the beginning of the year. But last week, the ADA coin price action was very inconsistent with a sharp increase after an even more sharp drop in the charts. While the cryptocurrency reached a local peak at 17, the crypto soon fell almost 20%.
At the time of writing, Cardano has recovered over 15% and the ADA has remained steady around $ 0.34.
However, ADA’s technical indicators do not point to a recovery yet. The dotted signs of the Parabolic SAR reflecting the decline are not far above the price candles, but also the MACD line is below the Signal line.
The cryptocurrency announced yesterday that IOHK’s Charles Hoskinson will “aggressively follow” Fortune 500 companies seeking to expand into the emerging economies of Africa by Cardano.
Like Cardano, ATOM had a good start to 2021. ATOM was also on the lists about a week ago. However, while ADA was recovering quickly and recovering almost all of its losses, ATOM was slow to do so. It can also be said that the falling trade volumes of ATOM contributed to the inability of the crypto to recover all its losses.
ATOM’s technical indicators are giving relatively optimistic signals. However, while the mouth of the Bollinger Bands remains wide and points to short-term volatility, the Relative Strength Index remains stable between overbought and oversold zones.
One of the best DeFi tokens on the market, YFI was at $ 27,797 with a market cap of $ 892 million at the time of publication. The Uncertainty in the YFI market was highlighted by technical indicators as the Awesome Oscillator showed the decline in bearish momentum on price charts, while the Chaikin Money Flow remained stable just below zero.
Yearn.Finance (YFI) came up with an offer to incentivize and reward developers by issuing additional YFI tokens, resulting in a number of different responses.