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The market is still reeling as some assets are losing momentum while others are gaining it
The market remains unpredictable and has not yet decided on the direction of its future movement. Ethereum has suddenly reversed course and is up more than 7% of its value since yesterday, while Cardano hasn’t even retraced. Even the most volatile assets like Aptos don’t stand still.
Ethereum reversal
As soon as the network celebrated the achievement of many milestones, investors turned to Ether once again, pushing its value up and supporting the rally on its way. In less than a month, Ether reported a new ATH in the number of coins stacked on the network, adding several thousand more validators, taking their total number on the blockchain to exceed half a million and seeing a huge increase in the total number of ETH holders.
Ethereum’s fundamental rise is something the entire market can capitalize on as it opens up multiple funding channels that drive the entire industry up. With the emergence of Ethereum, we are seeing an influx into L2 networks, alternative blockchains like Solana and the Web3 industry in general.
From a technical perspective, Ethereum has some basis to cover, as we can clearly see the difference between the price of the asset and the Relative Strength Index. The signals on the chart may bring some serious problems as they usually hint at an impending reversal.
Apart from the RSI, trading volumes have been moving downwards, suggesting that the current trend is fading as traders slowly close their positions and are mostly taking risks as social metrics indicate emerging fear among crypto investors.
ADA solid rally
In contrast to volatile assets such as the Shiba Inu or Aptos, the underlying cryptocurrency Cardano continues to move up in a relatively slow but resilient manner. The asset entered an upward channel earlier this month and is up almost 30% of its value since then.
The asset dynamics that we see now have not changed much since the start of the reversal in the market. The coin has seen a steady inflow of inflows and has yet to fall below the trendline support level we mentioned in our previous market review.
The next level of resistance for ADA will be at $0.42, indicating that the asset still has plenty of room to grow.
Aptos updated its ATH
Although the popular cryptocurrency has shown mixed dynamics since listing on major cryptocurrency exchanges throughout 2022, APT has been steadily rising in recent weeks, updating ATH time and time again.
Unfortunately, there is not much to say or highlight from a fundamental point of view, as Aptos is gradually developing its own solutions that may be useful in the future which, however, are unlikely to be related to its recent price performance.
From a technical perspective, APTs move seamlessly as they cannot form within a limited period. The only thing that can give us a clue about APT’s perspective on the market is the flow of funds.
According to the open interest and volume in the APT market, investors are still interested in the asset and will likely continue pushing it until the rest of the market stabilizes.
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