Many of the market’s altcoins, including Cardano, Cosmos, and Digibyte, are hinting at a retracement after a healthy, exponential pump on the charts. While some of these didn’t have many developments to speak of, others like Cardano showed promise, especially in light of the upcoming hardfork for the implementation of Shelley.
Cardano’s price stood at $0.12, with ADA having a market cap of $3.179 billion, at the time of writing, making it the 7th largest cryptocurrency in the world. However, while many altcoins seemed to be rallying with each of them climbing like never before, Cardano seemed to be retracing, at press time. Such a retracement could push the price to $0.1013, an 18% drop from ADA’s present levels.
Interestingly, following the same, it is expected to surge higher in light of the fact that the Shelley mainnet is still under development and many developments associated with it may come to pass soon. Further, the RSI indicator showed a dip back into the lower side of the overbought zone.
Like ADA, Cosmos’ ATOM was also showing signs of retracement, at the time of writing, with the token trading at $3.479 with a market cap of $663 million. At the same time, the crypto was noting $144 million in 24-hour trading volume, with ATOM observed to be the 25th largest cryptocurrency in terms of market cap. Additionally, the retracement could be as big as 8% or $3.191.
This could also be an opportunity since the retracement would follow the exponential surge the alt has been on, giving the market’s bulls time to recuperate. Finally, the MACD indicator hinted at a bearish crossover on the charts, further supporting the aforementioned potential retracement.
These developments come on the back of the Cosmos network introducing what its next network upgrade, Stargate, will involve.
Digibyte has seen its fair share of pumps in what seems like an alt season. However, the rejection at $0.02190 would push the price to $0.0193, an 11% retracement from the present level. At press time, DGB had a total market cap of $283 million, making it the 38th largest cryptocurrency in the market.
Although the coin did register a 2.4% decline over the last 24 hours, a more significant fall on the charts can be expected soon.