Saturday, September 18, 2021
HomeNewsCARDANO and SOLANA depend on the BITCOIN

CARDANO and SOLANA depend on the BITCOIN




Since the start of the last major rally on the cryptocurrency market in March 2020, significant rotations have been observed again. While the basic tendencies are basically identical for the individual coins, there are large differences in terms of dynamics and behavior during periods of weak trends. We are currently experiencing a good example. For around three weeks, the previously very dynamic upward movement in Bitcoin has weakened significantly. It was true that new intermediate highs were repeatedly reached, but these climbs were not very dynamic and were repeatedly interrupted by setbacks lasting several days. In total, Bitcoin was still around 7% more expensive during this period.

It looked completely different with many altcoins. After the initial consolidation, the rally continued very dynamically or was hardly interrupted, as was the case with the outperformers, for example Solana or Cardano. The 7% performance of Bitcoin is contrasted with the remarkable performance of 215% for Solana, 70% for IOTA, 37% for FTX tokens or 33% for Cardano.

Comparison chart of selected coins since 08/14/2021:

CARDANO-and-SOLANA-depend-on-the-BITCOIN-chart-analysis-André-Rain-GodmodeTrader.de-1
Performance Kryptos XX

Even over the past four months, since the day of All-time highs for Ether on May 12, 2021, the gap is particularly wide when it comes to the outperformers Solana and Cardano. While Bitcoin and Ether are trading at a relatively equal 5% below the price level of that day, Cardano has risen by 65% ​​and Solana even by 193%.

Comparison chart of selected coins since May 12th, 2021:




CARDANO-and-SOLANA-depend-on-the-BITCOIN-chart-analysis-André-Rain-GodmodeTrader.de-2
Performance cryptos since Ether ATH 2021

Conclusion:

It should still be worthwhile to look for outperformers when betting on rising cryptocurrency prices and to overweight this portfolio. The relative strength can be read off the charts, constructive patterns arise from a lower willingness to sell or stronger buying waves than in the case of the reference values. In the PLUS analysis from the end of July, for example, the “Bitcoin hunters” Ether, Cardano and Binance expected higher prices than Bitcoin. In fact, all three performed much better than Bitcoin.

A prognosis of the individual values ​​is dispensed with at this point and again the comprehensive analysis of 14 coins dated August 11th. Many of the forecasts are perfectly intact and can be followed up independently in the analysis (click on “Live Chart” above the chart image) or on Guidants (click on “Open chart on trading platform Guidants” below the chart image). Updates will follow shortly.


Risk warning: The cryptocurrencies are highly speculative and extremely volatile underlyings. Trading is therefore subject to increased risks, and strict money management is imperative.


Do you want to trade successfully with cryptocurrencies? Then professional support is highly recommended! Sascha Huber is one of the most prominent crypto experts in Germany and has tips for beginners and professionals. Try Crypto Trader now for 14 days free of charge.



Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending News

Recent Comments