The cryptocurrency appears to be in turmoil for the better part of June and as long as the institutional heavy weights do not pump in their capital any day soon, the trends nay continue to get worse. With a lot of uncertainty, the Coinrail hack and market malpractices it might take a while before any meaningful gains are realized across the entire crypto-landscape.
However, there have been some marginal gains in the last few days and most coins are back in the green but this is nothing to celebrate about yet. Cardano (ADA) and Dash (DASH) are back in the green while IOTA (MIOTA) is still stuck on the red lights. Below are some analyses how these there coins are performing in the market.
Cardano (ADA) Price Analysis
Cardano (ADA) decline appears to have come to an end after getting the support of a South Korean exchange, BitHub. The listing will see the coin increase it pairing portfolio and at the time push its volumes into the Asian market. Making the announcement, the exchange said the listing takes effect on 14th June. This comes at a time when the exchange is running a 1% payback promo that will ADA volumes spike.
At the time of going to press, ADA was trading in the green with only Bitcoin and IOTA among the top 10 largest coin by market cap trading in the green. The market appears to be recovering but signs of a major breakthrough are yet to appear. This uptrend has seen ADA market cap gain traction to stand at $4.3billion while the trading volumes grew from $166.milion to $178million
IOTA (MIOTA) Price Analysis
Just days after a successful partnership with the auto maker Volkswagen, IOTA (MIOTA) seems to have lost grip d trading on the green. The coin dived yesterday past the initial trigger line of $1.7 to move to a low of $1.20. This is after shedding a marginal 1.32% to the USD and 0.24% against BTC.
This is in total contrast to many after the hype during the just concluded conference and partnership with Volkswagen were MIOTA holders were optimistic that the coin price will hold longer despite the unstable market.
Dash (DASH) Price Analysis
The bears seem to have let go of DASH but the coin stands to gain after the New York State approved the trading of all privacy coins. This could be the break out point for a coin that has been performing marginally in the market recently. The continuing price correction might see the coin surpass the supporting zone of $260 to climb towards the $300 resistance level however this might be cut short by the prevailing market.
The DASH coin appears to be trading on the green and has managed to gain 1.81% against the dollar to trade at $257.36 which is still on the lower side. This is a short term correction and a ripple effect of the entire market and might not be sustainable given that the major coins are still struggling to recover marginally.
From the above analyses, the market is relatively calm and a short term breakout appears to be forming. However, caution has to be taken. With the volatile nature of the market, not much is anticipated through the remaining part of the quarter. The investors have to wait a little longer for them to start trading confidently. However, for the new adaptors, this is the high time they risked what they can afford to lose.