Two Altcoins to Eye on for the Weekend – ADA, DOGE
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The crypto market that the world looked upon at the beginning of 2021 is not the same market they anticipated after a quarter.
The biggies, including Bitcoin and Ethereum, and the rest, including altcoins, are facing serious pressure from the sellers for a couple of months. While several professional analysts expected the markets to show significant recovery in mid-June, the prices barely trended north.
Moreover, cryptos that are known for their high volatility are now at the Average True Range (ATR) lows – indicating that the negotiation game is still on.
On the fundamental front, altcoins are undoubtedly thriving. Despite the fact that the 50% in the token price of different protocols, the tech and other updates have never taken a halt. However, these updates might not directly impact the price action of the cryptos immediately but would hold a say in the long term.
Alonzo Smart Contract Help Raise Stake in Cardano (ADA)
Cardano, on 27 May, launched the testnet of Alonzo smart contract. And recently, the Input-Output Hong Kong (IOHK) confirmed that Alonzo is now live and is now capable to deploy smart contracts.
In anticipation of the major milestone, over $30 billion worth of ADA crypto has been staked. The value is indeed significant as the network evolution could greatly expand network adoption and propel the price of the cryptocurrency.
As per the data provider, PoolTool, around 71% of Cardano’s ADA circulating supply, worth about $30 billion at current market price, have been staked across 2,665 pools.
The fifth-largest cryptocurrency in terms of market capitalization has remained the most capitalized crypto in staked value. Data shows that ADA has clearly taken over Ethereum with a staked value of $13 billion, while Solana (SOL), Polkadot (DOT), and Algorand (ALGO) stand in the subsequent positions, respectively.
The complete implementation of the smart contract, however, is to finish this summer; investors are already bullish on ADA as the update from IOHK on YouTube revealed that Alonzo now has the capability to successfully run smart contracts.
Cardano (ADA) Price Analysis
ADA/USDT, like other top altcoins, is holding below the Support & Resistance (S&R) and above the Buyer’s area. However, there are other aspects that make ADA stand out from the crowd.
The market had found Support at $1.39 in May, where the buyers always left lower highs every step of the way. Eventually, the weakening Support brought the price down to the demand zone around $1.
The bulls did react off quite strongly from the buyer’s area but did not really breach through the S&R – indicating that the sellers are still around.
Having that said, if we have a look at the reaction coming from the Resistance, the bears are repeatedly failing to hold above the Support and Resistance. In other words, the buyers attempting to go long at higher and higher prices – as shown by the dotted trend line.
The upcoming price action is dependent on how both the parties react from the current levels. If the price breaks above the S&R and evidently holds above, we can expect the bulls to take over the market henceforth. But if the sellers breach below the higher low trendline and head back down to the demand zone, it could take a while before the buyers show up again.
Elon Musk’s Tweets No More a Gatorade?
The founder of Tesla, Elon Musk, who is well-known to move markets just by his tweets, is no longer helping the markets surge or plunge.
For instance, on July 01, Musk tweeted in reference to a Godfather movie meme with the text – “YOU COME TO ME AT RUNTIME TO TELL ME THE CODE YOU ARE RUNNING DOES NOT COMPILE.”
Few seconds after the tweet, the price of DOGE/USD surged from $0.24 to $0.26 in a matter of few minutes. But the High failed to hold as the price retraced back to $0.246.
Just during the retracement, Musk tweeted yet again with a gibberish text in reference to the song “Baby Shark” – “Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”
Right after the above tweet, DOGE cryptocurrency surged again to the recent highs but was unsuccessful in maintaining grounds.
A repeated failure to pump and hold the market brought netizens to a realization that Musk’s influence on the crypto market is diminishing.
Quickly shedding light on the price action of DOGE crypto, it is clear that the sellers are in control of the market on the lower time frame. The market is currently in the pullback phase and has headed all the way up to support and resistance.
The sellers have shown their initial signs of appearance back in the market, with one set of lower high sequences. And thus, if the buyers fail to hold grounds at miniature Support levels, DOGE could see prices plunge to $0.18 in the near term.
Now get ADA, DOGE and many other cryptos instantly from our list of reputed cryptocurrency exchanges.
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