July has been a consistent week for the cryptocurrency industry as several of the major tokens maintained their price support. Even though users expected resurgent movements, they were forced to be content with a minute increase in market cap and volume.
On Monday, users expected bigwigs like Bitcoin, Ethereum and XRP to gain but it was the altcoin gang that stood the test of the bear. An analysis of the cryptocurrency charts showed that IOHK’s Cardano and LINK were one of the best performers at the start of the new week.
As the altcoins resurgence began, Cardano led the charge as the sixth-ranked cryptocurrency saw a 6.6 percent value increase over the previous 24-hours. This spike was an added boost to the cryptocurrency’s surge, which had gained by a mammoth 34 percent in the last week. At press time, ADA was trading for $0.13 with a total market cap of $3.43 billion. The bull run also lifted the daily trading volume to $473.76 million.
Cardano’s Relative Strength Index had broken above the overbought zone, making it a profitable buy-in sector for investors. This was also a sign that there was a reversal in the negative sentiment associated with purchasing ADA tokens. The Chaikin Money Flow indicator was also positive for Cardano as the graph was much higher than the zero line.
Despite its reputation of being low-lying, Chainlink was the best performer in the top 10 club. The tenth-placed cryptocurrency was well above the pack with a daily growth rate of $24.5 percent. Chainlink was also the biggest weekly grainer with a stellar 62 percent spike in the last seven days. At the time of writing, LINK was trading for an increased $7.75 while holding a market cap of $2.7 billion. The daily volume had clinched a better spot with a value of $1.612 billion.
Chainlink’s CMF was well above the zero line as the capital coming into the market overtook the capital leaving the market. At the same time, the Relative Strength Index followed a similar path to that of Cardano’s, breaking above the overbought threshold zone. The week has started off well for the altcoins giants and it is safe to assume that there will be a slight flattening soon.