At the time of writing, Bitcoin, the leader of the cryptocurrency market, was trading at $9,373, having strengthened its position above the $9K mark following its repeated failures to do the same previously. Ordinarily, a hike in Bitcoin’s value would imply a corresponding surge in the price of many of the altcoins’ price. However, apart from a few, this wasn’t the case with all the altcoins in the market. The cases of Cardano, IOTA, and Decred are the best examples for the same.
Cardano, the 12th ranked crypto on CMC by market capitalization, had a good run in terms of price performance over the course of the month of April. May, however, has been an altogether different ballgame as ADA’s early price momentum seemed to have evaporated. At the time of writing, Cardano was trading at $0.04, having dropped by over 3% in a week. And, while that isn’t much when compared to other alts, the week’s performance was enough to stall ADA’s market.
This was confirmed by ADA’s technical indicators as while the Parabolic SAR’s dotted markers were observed to be above the price candles, the MACD line was about to have a bearish crossover with the signal line on the charts, suggesting impending and perhaps, lasting bearishness in the market.
Cardano was in the news recently after IOHK defined 11 May as the day that will mark the beginning of the transition phase to the Shelley mainnet. In fact, IOHK’s Charles Hoskinson was also in the news after he told the crypto-community that the point of the space is not money or Bitcoin.
IOTA, once a popular mainstay of the cryptocurrency market’s top-10, has seen better days as at the time of writing, it was languishing all the way at 24th on CoinMarketCap’s charts. Like Cardano, IOTA too fell significantly over the past week. However, unlike Cardano, its fall was more pronounced, with IOTA falling by almost 7%.
The mood of the IOTA market was highlighted by its technical indicators as while the mouth of the Bollinger Bands remained wide and suggested volatility, the red bards of the Awesome Oscillator’s histogram pointed to a lack of positive momentum.
IOTA made headlines a few days ago after Society2, a decentralized social media project, started work on an IOTA-based DeSM framework to enable a new standard in privacy, control, and interoperability of data shared between social media platforms.
Decred, the autonomous digital currency with a hybrid consensus system, hasn’t performed too shabbily since the market crash back in March. While its price hikes have been gradual, they have been steady. What is more interesting, however, is the fact that while most of the market’s altcoins surprisingly fell over the week as Bitcoin consolidated, Decred followed Bitcoin’s lead, recording an almost 14% surge in a matter of just one week.
Decred’s technical indicators, however, were giving too many mixed signals. While the Relative Strength Index was continuing to climb towards the oversold zone, the Chaikin Money Flow was plummeting dramatically, nearing the -0.50 mark.
While developments on the technical side have been too few to come by for Decred, its co-founder Jake Yocom-Piatt was in the news after he recently argued that the halving will incentivize miners to sell for double to maintain profit margins.