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Saturday, October 23, 2021

Cardano [ADA] and Polkadot [DOT] continue to dwell with the bull while others crash

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Cardano [ADA] and Polkadot [DOT] were the only two assets that were enjoying their stay in the bullish arena. All the other coins including Bitcoin [BTC] were losing all their gains. The king coin was back below $50K once again as it failed to form a stringent line of support. The overall market cap was also disrupted as Bitcoin slumped below $1 trillion.

Cardano [ADA] climbed on to the fourth position in terms of market cap. The asset took over altcoins like Dogecoin [DOGE] as well as XRP as its market cap hit a high of $68.16 billion, during the time of writing. Furthermore, the altcoin was trading for $2.19 with a 15% rise in the last 24-hours. The entire week was rather beneficial for ADA as it bagged gains up to 34%.

Cardano [ADA] one-hour price chart on Binance


The short-term price chart of ADA revealed contradicting notions. The Chaikin Money Flow [CMF] indicator suggested the intervention of the bulls as the CMF marker was over the zero median. The Awesome Oscillator, however, was noted laying out red closing bars which further insinuated the presence of the bears in the ADA market.

This confusion did not stop Cardano traders from buying the altcoin as the Relative Strength Index indicator pointed out strong buyers’ sentiment in the market.

Polkadot [DOT] one-hour price chart on Binance

Polkadot [DOT] was seen heading towards its all-time high while all the other coins were seen dropping down. The altcoin, during the time of writing, was priced at $46.18 with an 11% soar in the last 24-hours. The market cap of the altcoin was $42.85 billion.


DOT on its one-hour price chart revealed strong bearish sentiment. The Parabolic SAR indicator put forth dotted lines over the candlesticks further announcing bear takeover. The MACD line took over the signal line further insisting on a bearish crossover.

Additionally, a sellers’ market was noted by the Money Flow Index indicator used in DOT’s short-term price chart.

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