Daily Altcoin Analysis August 3: XRP, ADA, VET, TRX
Key Insights:
- Ripple made no move today, extending the three-day drop to 4%.
- VeChain noted the most improvement today, rising by 8%.
- Bitcoin and Ethereum continued trading above $23k and $1.6k.
The crypto market did not lose money today, instead added over $23 billion thanks to the altcoins, among which was VeChain, as it rose the most from this loss.
Thanks to the king coin and the altcoin king also rising and trading above $23k and $1.6k, the market did not note a drawdown.
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Ripple (XRP)
The altcoin moved barely by 0.08% today, which prevented XRP from invalidating the 4% downtrend from the last four days.
The converging Bollinger Bands are further no good news as they indicate reducing volatility which could restrict the cryptocurrency from rising beyond 26.24%.
Cardano (ADA)
ADA did note some change in price as it inclined by 3.32% in the last 24 hours, but it did not contribute too much since the altcoin still has to recover more than half of June’s almost 30% crash.
The Parabolic SAR’s white dots placed beneath the candlesticks highlight an active uptrend that keeps the coin above the $0.5 support line.
VeChain (VET)
Up by 8%, VeChain gained the most among these coins in the last 24 hours as it inched closer to $0.03.
The appearance of green bars on the Awesome Oscillator highlights growing bullishness which will be helpful in the recovery from June’s 31.97% crash.
Tron (TRX)
Akin to Ripple, Tron also did not make any major move today, but it is still keeping the almost 24% rally from a month and a half ago intact.
This is important as it is yet to recover the 34% dip of June and the outflows visible on the Chaikin Money Flow are not positive indications.