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Crypto Price Analysis June 08: ADA, ETH, LINK, BNB, MANA

Aaryamann Shrivastava
·2-min read

Key Insights:

  • Despite a majority of cryptocurrencies closing in green, the crypto market declined.

  • Chainlink and Cardano were two of the top performers of the day.

  • Bitcoin made no significant movement rising by just 1.41%

Continuing the downtrend today as well, the crypto market is moving slowly, sideways nonetheless.

As most of the cryptocurrencies were posting green candles today, the crypto market’s total cap didn’t lose much value depreciating by just $16 billion.

Cardano

One of the quickest to fall and one of the quickest to rise, Cardano is on a roll thanks to the bullishness surrounding the release of the Vasil hard fork at the end of June.

The altcoin was trading at $0.6512 and managed to rise by 43% in the last two weeks. 

According to the Bollinger Bands, ADA still has some fuel in it to continue its run as the bands continue to diverge, indicating higher volatility. Plus, ADA is set to rise further, with the basis (center white line) acting as support.

Ethereum

Although the king of the altcoin did not exactly lead the altcoins today, it continued to decline on the charts to trade at $1,791 at the time of this report.

ETH’s consistent drawdown is a concerning matter for investors as the asset does not have much preference in the institutional market either, noting $36 million in outflows this week.

This is also backed by the Chaikin Money Flow indicator, which shows that the altcoin continued observing outflows in the last 24 hours despite attempts at inflows.

Chainlink

Leading the rally in the crypto market today, Chainlink marked an 8.51% rise in the last 24 hours alone. This rise added to the almost 40.41% rise observed since May 31, bringing the coin to trade at $8.54.

This rise also helped the altcoin recover from the bearish zone it has been stuck in since the first week of April as the Relative Strength Index (RSI) entered the bullish neutral zone today.

Binance Coin

The token of the biggest cryptocurrency exchange on the planet, Binance Coin, has observed a unique pattern.

While other altcoins have either risen or moved sideways, BNB rose and declined by the exact same amount in almost the exact same period of time. 

Trading at $288.21, BNB is down by 11.43% after a 22.43% rally, and with the bearish crossover taking place on the MACD, BNB might notice a further decline in prices.

Decentraland

The king of the Metaverse, Decentraland’s token MANA, hasn’t been a hot performer in the last few weeks. Trading at $0.98, the altcoin has been stuck in a sideways momentum with no signs of the pattern breaking anytime soon.

The Parabolic SAR continues to exhibit an active downtrend as MANA has noted a fall in its prices worth almost 10% in the last eight days.

This article was originally posted on FX Empire

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