Unfortunately for the rest of the market, most alts still seem to be taking their marching orders from BTC, which is why the rest of the market was trading sideways too, at the time of writing. So was the case with Cardano and Enjin especially.
Cardano has been one of the year’s best performers, with its price action pushing it to overtake fellow alts such as LINK, Bitcoin Cash, and Litecoin on CoinMarketCap’s charts. Mid-March was especially profitable for ADA’s holders, with the crypto hiking to touch a new ATH on the charts. At press time, however, consolidation and a little stagnancy was the norm on ADA’s charts, with the alt continuing to trade within the same range for almost a week now.
In fact, ADA’s movement has been well in line with the projections made a few days ago. While brief spurts of bullish momentum were seen recently, they were too short to initiate and sustain a bullish uptrend.
And yet, the Cardano market remains as bullish as ever. The same was evidenced by the crypto’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles, the Relative Strength Index was leaning towards the market’s bulls.
The altcoin was in the news recently after IOHK announced that Orion Protocol would be the first liquidity aggregator for the Cardano blockchain.
Enjin, the altcoin ranked 54th on CoinMarketCap at press time, like Cardano before it, has seen a lot of consolidatory movement on the price charts over the past few days. In fact, despite hikes and corrections of over 6% in the last week alone, ENJ was continuing to trade within the same price channel.
It should be noted, however, that ENJ was still some way away from its local top on the charts, with a sustained uptrend looking unlikely in the near term.
This observation was backed by Enjin’s technical indicators as the mouth of the Bollinger Bands was converging to suggest a fall in short-term volatility, and the Awesome Oscillator pictured minimal market momentum with flashes of bearish signals.
Enjin recently raised over $19M to build a Polkadot-based NFT blockchain.
One of the crypto-market’s premier DeFi coins, SUSHI’s price action over the past few days has been very contrary to the movement noted by most of the altcoin market. While the likes of ADA and ENJ were still stuck inside a consolidatory pattern, SUSHI hiked by over 13.5% in over 48 hours. At press time, while the alt’s bullish momentum had come to a halt, it looked set to recover all its losses from the market-wide depreciation of 25 March.
The aforementioned bullish momentum in SUSHI’s market was backed by the findings of the alt’s indicators. While the MACD line was well over the Signal line, the Chaikin Money Flow was climbing above zero to suggest that capital inflows were finally stronger than capital outflows.
Further, while SushiSwap is still a long way away from overtaking the likes of Uniswap, it’s worth noting that SUSHI is projected to continue giving double-digit returns to its holders.