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Bitcoin(BTC), Bitcoin Cash(BCH), Cardano(ADA) Technical Analysis on 4th August 2020

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After the prices faced a sudden decimation on the 1st of August, the dominant bullish trend had suddenly become a little uncertain for major digital assets, Top coins such as Bitcoin, Bitcoin Cash, and Cardano were feeling the turbulence at these coins pictured different returns over the past 24-hours.

Bitcoin

Bitcoin(BTC)

After reaching $12,000 on 1st August, Bitcoin appeared to consolidated between $11,444 and $11043 over the past 48-hours. Heading towards the support at $11,043, Bitcoin exhibited a declination of 0.68 percent over the past day. BTC’s market capitalization crossed $200 billion, which is positive, and the trading volume over the past day was also around $23 billion.

Upon analyzing three of the indicators, the trend was divided between the markers. Parabolic SAR was bullish for Bitcoin as the dotted lines approached under the candlesticks. Relative Strength Index was initially dropping but a buying pressure seems to be back up again in the charts.

Finally, MACD was bearish for the token as the orange marker trailed the blue marker in the charts.

Bitcoin Cash

Bitcoin cash(BCH)

Bitcoin’s forked coin Bitcoin Cash appeared to mirror a similar image to Bitcoin as the asset struggle to rise above its recent losses. With the support at $278, the price at the moment was around $287, far below the $325 point reached on 1st August. BCH had a market cap of $5.27 billion at press time.

Bollinger Bands indicated that turbulence should be expected as diverging bands suggest high volatility in the charts.

Chaikin Money Flow or CMF exhibited more money coming in for BCH than going out but it was barely above the zero-line in the industry.

Aroon Indicator was positive but in the hindsight, it may undergo a trend reversal, which will end up with the bears taking over the valuation.

Cardano

cardano(ADA)

Finally, one of the top performers in 2020, Cardano appeared to be more bullish than Bitcoin and Bitcoin Cash as the asset registered a growth of 3.51 percent in the charts. Cardano could be heading towards $0.15 again, after witnessing more than 500 percent throughout the year. With a market capitalization clocking in at $3.68 billion, the asset also had an extremely impressive trading volume of $1.36 billion.

Bollinger Bands were diverging for ADA’s market suggesting that volatility will be high in the near future.

Chaikin Money Flow or CMF deflected from the zero-line at the time of writing, implying that new capital has been injected over the past day.

However, Awesome Oscillator indicated a neutral trend with bullish momentum slightly dropping down for the 8th largest digital asset.

ETH, ADA, and EOS – Biggest Losers in the Past 24-Hrs

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On 1st May, the crypto market flipped the switch. Bitcoin [BTC] that was traded in the $7.7k range in April, is now trading in the range of $8.7k. The king of cryptocurrencies even touched the $9k range but couldn’t break the $10k resistance on 1st May. 

With the Bitcoin weekend bull, altcoins showed a green trail. At the time of press, altcoins such as XRP [XRP], Stellar [XLM], and Ethereum Classic [ETC] show a pump of 8.40%, 11.48%, and 12.73% respectively. Nevertheless, coins such as Ethereum, Cardano, and EOS have seen a fall of 6.33%, 7.55%, and 6.92% – making them the biggest losers in the top 15 in 24 hours. 

Ethereum 

In the past couple of days, Ethereum has been above $225 reaching $25 billion [market cap] the coin in less than three days lost $3 billion as it slipped back to low $200s showing signs of leaving the $200 support level. 

 

It looks like Ethereum has managed to recover from its intraday lows but still hangs at the edge with low uptrend momentum.  

Additionally, technical analysis of ETHUSD indicates a correction that will help to enter for long.

Professional traders comment:-

“The correction that began today will cool the market and provide the best levels of medium-term entry over the air. When MA25 goes above MA99, an uptrend will be confirmed and the BTBT strategy will open a long position with a leverage of 1: 3. Now, according to our BTBT trading strategy, there are no open positions.” – Source

“Some overhead resistance on short timeframes, but I expect a small move for +5% gain in less than 24 hours. It could go higher, but I expect it to at least stop to think at these resistance levels. A breakdown below the local low will invalidate this setup. Let’s see what happens.” – Source

Cardano [ADA]

The lack of momentum has bolstered the resistance of breaking $0.055 for ADA. The coin experienced a bearish trendline yesterday and follows the same trend today. With a major support level being $0.045, ADA is currently being traded at $0.47. 

MACD shows a bearish divergence since the signal line crosses over the MACD line indicating a lack of trading stability. The RSI stands below 45 but above 30; unless there’s an immediate uptrend the coin will experience heavy selling pressure.

#ADA

Cardano has had an eventful month with Charles Hoskinson stepping closer to the community and Shelly’s first block being produced – it seems like the technology will stabilize the sentiments around the coin despite the bears. 

EOS

EOS has slipped from being in the top 5, hardly making it into the top 10 on CMC in the past weeks. 

Technicals indicate that EOS is in a correction after its jump from $2.75 to $3.10. Irrespective of the buyers trying to break above the resistance the price dropped beneath the 100-days EMA.

#EOS

Nevertheless, despite the on-going downtrend the coin has managed to stay above its support level $2.70 and is currently trading at $2.75. 

RSI stands at 52.06 and shows a possible outcome of a bullish divergence. 

Disclaimer note: This article is not a piece of investment advice. 

Cardano’s 1st Shelly Block has been produced!

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On 27th April, the founder of Cardano and Redditors celebrated the first block of Shelly that was produced earlier on 25th April 2020.

Recently, IOHK announced the release of Daedalus 1.0 an ADA wallet made after 1.5 years of hard work. The team yesterday exclaimed its success when Hoskinson said that it had received an “overwhelming response”. 

Just a day later, today the community celebrates Shelly’s first block. The Shelly phase of Cardano starts with users delegating their stakes – the key ingredient to produce new blocks in a Proof-of-Stake protocol. 

As Cardano’s plan is to move to a completely decentralized network, Shelly plays as a stepping stone to make history in terms of decentralized financial systems leveraged by blockchain.

Redditor, u/rawriclark posted on r/Cardano, stating how the genesis block of Shelly had been produced.

 

#cardano #shelly #genesisblock

The same was tweeted by Charles Hoskinson with the comment “Meanwhile in Cardano land, a Wizard arrives precisely when he means to!”. 

Right now Shelly is in its Testnet phase and Mainnet is expected to roll out by Q2 of 2020. Usually, incentivization and staking structures are planned for the Mainnet phase of a project, in the case of Cardano the Testnet itself allows ADA holders to participate in the network to earn ADAs through delegating their stake or by operating a stake pool. According to Cardano, this enables them to “test something earlier testnets couldn’t: real behavior – and real behavior requires real rewards”. 

Considering the Shelly phase is all about decentralization, the team has made it a point to be as careful and secure as they can be to keep the network from malicious plays.

As of now, large blockchain projects are controlled by less than 10 mining pools, making them vulnerable and exposed to attacks. With an incentive structure designed to achieve an equilibrium of around 1000 pools, Cardano could be 50-100 times more decentralized than the existing blockchain networks by the end of the Shelly era. 

Cardano claimed how Shelly can make the network 100% decentralized. Using a blockchain delegation certificate, operators can transfer their participation rights to stakeholder pool operators when they are offline.

The Shelly phase opens doors for a decentralized cryptocurrency ecosystem, much like Bitcoin, but faster in terms of synchronization and more effective client support among other benefits.