Altcoins ADA, VGX, and LUNA Charts Uptrend as Bitcoin Takes a Loss
The broader digital currency ecosystem is experiencing a mixed price reaction as some altcoins have charted a different path from Bitcoin which is currently trading at a loss. At press time, Bitcoin is changing hands at $38,055.09, down 4.26%...
The broader digital currency ecosystem is experiencing a mixed price reaction as some altcoins have charted a different path from Bitcoin which is currently trading at a loss. At press time, Bitcoin is changing hands at $38,055.09, down 4.26% in the past 24 hours according to CoinMarketCap. A brewing volatility war that was ignited over the weekend appears to currently be in the favor of the market bears as BTC price has retraced significantly in two days.
From a weekly high of $42,541.68, a swift drop below three crucial support regions, including the $42,000, $40,000, and $38,000 has been recorded, tapering off the expectations of a likely sustainable bull run.
The awakening may come as the RSI per the BTC-USD 4h chart shows overselling, and the bulls may wade in any unannounced.
Altcoins Rebelling Against Bitcoin’s Downtrend
As the bears are overpowering the upsurge in Bitcoin price, a number of altcoins are trending with an antagonistic correlation. Cardano (ADA), Voyager Token (VGX), and Terra (LUNA) is championing a new uptrend per their high rates of growth.ADA/USD 4h Chart (Kraken) Source: TradingView
The Cardano resilience is driven more by the expectations of a new crop of smart contracts being hosted on the coin. This fundamental has been held onto by the bulls and has informed a broad stir that has kept the bulls in control for the past couple of months. Though a retrace may be seen to a $1.30 price level, a rebound is imminent as more bullish sentiments are rekindled.
Voyager Token (VGX) is also seeing a renewed price growth, surging 21.48% to $3.0. The moves in the altcoin may see a sustenance should buyers keep up the pace to keep price above the $3.5 resistance point.
Terra (LUNA) is all in to register its dominance as a formidable stablecoin powered global payment system. The uptrend in the token by virtue of its utility is a function of both the embrace of the Terra platform and the confidence investors put in the LUNA governance token.
The short-term moving average of LUNA on the LUNA/USDT 4h chart is bullish, an indication that the bulls are not slowing down their accumulation. At a current price of $14.21, a push towards its all-time high price of $22.33 may appear unchallenging should this current growth trend be sustained.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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