The cryptocurrency market’s performance over the past week has been slightly positive with bullish changes across prices and market caps. Although Bitcoin is yet to cross the $11,000 mark this week, investors were hopeful that it was setting a good precedent for the rest of the industry.
On Friday, the altcoin market displayed green across the board with some major altcoins pumping after extended time periods. Tokens like Cardano, IOTA, and Dogecoin stood the test of the bear by showing increases in prices and daily trading volumes.
The Charles Hoskinson co-founded Cardano shot to fame because of its promise to integrate virtual assets with daily use cases. Although it has not spiked to its expected potential, the cryptocurrency was still holding strong in the face of stiff competition.
At press time, ADA was trading for $0.093 with a total market cap of $2.91 billion. A 1.43 percent price increase over the past 24-hours had elevated the daily trading volume to $999.4 million.
Cardano’s Chaikin Money Flow indicator had spiked above the zero line, a sign that the capital coming into the Cardano market was much more the capital leaving the market. The RSI, on the other hand, was still struggling to break into the zone because the graph had fallen below the oversold zone.
Another altcoin enjoying a decent stint on Friday was IOTA, climbing by 1.4 percent in the hourly spectrum. IOTA was valued at $0.27 with a total market cap of $774.207 million and a 24-hour trading volume of $8.089 million. The cryptocurrency’s technical analysis was more bullish than Cardano’s as evidenced by the RSI and the CMF.
IOTA’s CMF was right on the zero line, signalling the slowdown in capital inflow. Some analysts predict that if the Internet of Things based cryptocurrency shows more developments, then it could head towards a significant price increase. The IOTA RSI was on the verge of breaking towards the overbought zone due to an increase in the number of people buying into the IOTA market.
Dogecoin, the meme-inspired cryptocurrency was one of the few tokens showing green on all three timeframes. At press time, DOGE was trading for $0.0028 and held a market cap of $354.679 million. The Jackson Palmer founded virtual asset was one of the few assets that showed a decent performance on the price charts.
DOGE’s Chaikin Money FLow had reached its highest point since March, signalling a massive shift in investor sentiment. The surge in capital could be because of the lack of stellar movements from the incumbent cryptocurrencies. Dogecoin’s RSI had also spiked over the past week after having fallen to a 6 month low.