CRYPTO: Ethereum, Cardano, Solana Price Analysis: 23 June

Ethereum, Cardano, Solana Price Analysis: 23 June

As the king coin fell by 13% on the charts, the market’s alts followed its lead. Ethereum, for instance, lost 13% of its value in just two days, with ETH noting slight signs of recovery at press time Likewise, Cardano [ADA] depreciated by 18.56% in seven days but was recovering somewhat. Finally, Solana hiked by 22% after the 21 June dip. 

Ethereum [ETH]Source: ETH/USD – TradingView

Ethereum, the market’s king altcoin, after testing the $1,988 support on 21 June, fell below the same. However, it made a swift recovery in just one day as it again retested the $1988-level and flipped it back to support. 

With the appearance of green candlesticks on the 4-hour chart of ETH, the prevailing trend was slightly bullish. This corresponded with the Parabolic SAR’s white dots that appeared below the candlesticks on the chart. 

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Further, capital inflows for the asset saw a slight hike as the indicator noted an uptick, at press time, according to the Chaikin Money Flow. The indicator has been below the zero-line for a while, keeping outflows dominant as it lingered in bearish territory. However, if the price hike continues, inflows might touch a net positive figure again.  

Cardano [ADA]Source: ADA/USD – TradingView

ADA was trading at $1.27, at press time, after recovering from its fall under the key support level at $1.23. The press time resistance for the altcoin was $1.38, a level that can be tested if ADA’s price gain continues. The fifth-ranked alt noted a 7-day price fall of 18.04% whereas its 24-hour price saw a hike of 7.06%. Bullish momentum can be observed building on the Awesome Oscillator with the appearance of green bars. 

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Further, Bollinger Bands for the asset highlighted increased volatility and pointed to a more expanded price range as the asset recovered from its lower lows. The Relative Strength Index (RSI) for ADA was in the neutral zone and noted a figure of 47.7 at press time. While the RSI’s uptick highlighted an increase in buying pressure, buyers and sellers were equally dominant.

Solana [SOL]

Source: SOL/USDT on TradingView

SOL breached its key support level at $36.1 on June 20 and oscillated close to the mark before registering a 34.7% price fall in just one day. On June 22, the asset breached its support at $23.23, however, it made fast recoveries from this fall. It was priced at $30.6, at the time of writing, and was down 47.42% from its ATH with a breakeven multiple of 1.90. 

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The altcoin recovered by almost 26% after the June 21 price fall as the Awesome Oscillator suggested that bullish momentum was building up on its 4-hour chart. Additionally, the slight convergence of the Bollinger Bands projected reduced price volatility and a comparatively restricted price range for the alt. 

Finally, the MACD and Signal lines underwent a bullish crossover on June 23. 

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