Bitcoin (BTC) is trying to regain momentum today, meanwhile altcoins can promote a recovery phase. The cryptocurrency market, especially Bitcoin, is showing positive signs for the crypto trading community. However, Ethereum coin, the second largest crypto asset after Bitcoin, lost 1.15% of its market capitalization during the intraday trading session.
It is only a matter of time to see if investors book their profits amid the high volatility factor of the cryptocurrency market during the intraday trading session. This article will cover some interesting facts and charts as well as technical analysis of the following cryptocurrencies: Bitcoin, Ethereum, Cardano, Sandbox, Decentraland. Now let’s move on to the daily cryptocurrency performance chart by coin360.com.
The heatmap above clearly predicts different cryptocurrencies with their positions and market dominance. Bitcoin shines on the chart with its 42.22% market dominance of the entire cryptocurrency market. However, some of the altcoins are recovering at best, and the others are trying to gain stability throughout the chart.
Technical analysis of different cryptocurrencies will help you understand their price prediction. The following chart analysis will inform you in detail about the current market ranking and the effects of a single news item on different cryptocurrency charts.
BTC/USD chart analysis
Bitcoin (BTC) is still caged in a symmetrical triangle on the daily chart. BTC investors have been waiting for the recovery of the crypto asset for so long. The consolidation phase can be seen inside the symmetric triangle pattern, and due to the consolidation of Bitcoin, other altcoins in the cryptocurrency market have to pay the debt.
BTC is currently CMP near $38,700 and has slightly gained up to 0.75% of its market cap in the last 24 hours. Meanwhile, trading volume increased by 16.74% during the intraday trading session. The volume to market capitalization ratio is 0.03246. The highest and lowest hits of BTC in the last 24 hours are $39,800 and $38,650 respectively. Bitcoin is again struggling to break the psychological barrier of the $40,000 mark. The price of Bitcoin has not changed much in the last 24 hours and has consolidated between $39,800 and $38,650, a relatively smaller change in the price of BTC.
Bitcoin price is sideways inside a symmetrical triangle on the daily chart. Investors are waiting for BTC to break out of the mentioned pattern it is trading in. The bulls are saving BTC, but trader involvement is low as the change in volume can be seen below the average and must rise during the intraday trading session. Bitcoin has currently recovered up to 20 SMA, and further the remaining bullish hurdles will be 50, 100, and 200-day DMA. The cryptocurrency market could see some hype if the bulls manage to pull BTC out of the consolidation phase with a strong uptrend. As soon as the bulls manage to push bitcoin out of the psychological barrier of $40,000, any changes in direction can be observed afterwards.
ETH/USD chart analysis
Ethereum coin price is trading inside a symmetrical triangle on the daily chart. ETH coin is currently CMP at $2558 and has lost 0.56% of its market capitalization in the last 24 hours. However, trading volume increased by 4.33% during the intraday trading session. This means that buyers get involved in the trade and start the trading session with determined hopes for the recovery of the ETH coin. The volume to market capitalization ratio is 0.03609.
The Ethereum coin has consolidated in the symmetrical triangle pattern over the past few trading sessions. The ETH coin needs to break out of the consolidation phase and attract more buyers to show any change in direction to ETH investors.
ETH Coin is trading inside a symmetrical triangle pattern with sideways momentum and needs to rise to break out of the downward sloping line of the triangle. The price of ETH coins is below the daily moving average of 20, 50, 100 and 200 days. The change in volume is below average and needs to grow for the coin to escape the consolidation phase and be strongly bullish on the chart. The highest and lowest hits by ETH in the last 24 hours are $2604 and $2540 respectively. Ethereum investors in the cryptocurrency market should wait for any direction changes on the daily chart.
ADA/USD chart analysis
Charles Hoskinson, the founder of the Cardano project, shared a tweet that talks about over 517 projects that now rely on Cardano as a continuation of ADA in growing the ADA ecosystem. Hoskinson shared his thoughts, telling, “Moving the chains. A big wave will come after June when the Vasil hard to arrive”.
The founder of Cardano informed ADA enthusiasts about Vasil Hardfork. Let’s understand Vasil Hardfork and Aftermath: The update in question will be released in June and will be named after Vasil Dabov, a late Bulgarian mathematician and Cardano ambassador. In October there will be another improvement. Pipelining, new Plutus CIPs, UTXO disk storage, and Hydra are some of the scaling features that IOG aims to implement. According to the company, Cardano’s throughput should improve with these improvements. The system will be optimized to work with a growing number of DeFi applications, smart contracts and DEXs. So this is a Cardano project, or we can say an upgrade.
The Cardano network has grown in popularity in terms of total value locked (TVL), which has steadily increased since the start of the year.
The total locked value of Cardano (ADA) on DeFi Llama is 190.57M with a positive 24-hour change of +4.24%.
Back to the chart analysis of ADA/USD:
Cardano (ADA) coin price is trading in a falling wedge and struggling to gain support at the lower levels of the daily chart. The ADA coin is currently CMP at $0.78 and has lost around 2.02% of its market capitalization in the last 24 hours. Trading volume decreased by 18.12% during the intraday trading session. The volume to market capitalization ratio is 0.0312.
The ADA coin traded in a descending wedge pattern on the daily chart. The price of ADA coins is currently trading below the 20, 50, 100 and 200 day daily moving average. The change in volume is below average and needs to grow for the coin to gain support and trade higher to escape the falling wedge pattern.
SAND/USD chart analysis
On the Ethereum blockchain, The Sandbox, majority-owned by blockchain gaming startup Animoca Brands, allows participants to create, control, and monetize virtual gaming experiences. It gives creators equity in the form of NFTs and gives them tools to produce assets on the network.
SAND Coin price is trading inside a descending triangle on the daily chart. The SAND coin is currently CMP at $2.68 and has lost around 2.88% of its market capitalization in the last 24 hours. Trading volume also declined by 4.37% during the intraday trading session. SAND must attract traders to escape the descending triangle pattern. The volume to market capitalization ratio is 0.1374.
SAND Coin price has consolidated in a descending triangle on the daily chart. SAND needs to attract more buyers to escape the consolidation phase and break out of the declining triangle. The crypto asset is trading below 20, 50, 100 and 200 day DMA. The volume change on the chart is below average and needs to increase for SAND to escape consolidation. SAND investors can expect any direction change on the chart as soon as trading volume increases. However, SAND is considered a risky investment because its importance rests solely on its play, which may defer the future preferences of SAND investors.
MANA/USD chart analysis
The Decentraland virtual reality platform is powered by the Decentraland (MANA) Ethereum coin. MANA can be used to purchase both virtual land and in-world goods and services in Decentraland.
Decentraland is a virtual reality platform that allows users to develop and monetize three-dimensional content and applications. Decentraland is a blockchain-based platform that promises to create a user-owned network and delivers an immersive experience. Users can purchase virtual land on the platform, a shared metaverse.
MANA Coin is currently CMP at $2.22 and has lost 3.03% of its market capitalization in the last 24 hours. Meanwhile, trading volume also declined to 8.85% during the intraday trading session. The volume to market capitalization ratio is 0.07014.
MANA coin price is sideways below a downward sloping line on the daily chart. MANA needs to attract more buyers to escape the consolidation phase on the chart. The MANA token has been falling below the descending line since February 16. MANA must recover from lower levels to break the downward sloping line. If the bulls manage to hold at the edge of the neckline, then MANA could establish a primary resistance level of $3.00 in the near future. MANA has been a center of attraction in the cryptocurrency market as crypto investors trust Decentraland’s virtual reality platform as it is co-powered by MANA.
A strong message to all investors in the cryptocurrency market, do not let the high volatility factor of the cryptocurrency market trade for your profit.
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies during his post-grad studies. He is a fine observer of details and shares his passion for writing while being a developer. His backend blockchain knowledge helps him bring a unique perspective to his writing