- The Marco-market conditions still looked sluggish, but the crypto market cap noted a bullish bounce.
- MATIC and UNI noted the highest gains among the top 100 cryptocurrencies by market cap.
- For ADA to chart a true recovery, the coin’s price would need a strong push from bulls above the $0.50 mark over the weekend.
A spike in inflation rates and elevated uncertainty led to investors’ appetite for risk-taking dropping in June. Last month, the US annual inflation rate was raised from 8.6% to 9.1%, as opposed to the forecasted 8.8%.
Reportedly, this month’s FOMC meeting discussed concerns around the effect of rate hikes on the US economy. Minutes of the meeting further showed that members considered a 50-basis point rate hike more appropriate.
The Marco-market conditions still looked sluggish, but the crypto market cap noted a bullish bounce on Thursday. On Wednesday, the NASDAQ 100 fell by 0.15% after losing 0.95% a day before and continued the downwards trend at press time. While S&P 500 saw a 0.40% fall towards the end of June 14.
In a previous FXEmpire article, analyst Bob Mason presented that on Wednesday, investors poured $38 billion back into the market to take the crypto market cap up $14 billion for July. Seemingly, the crypto market cap’s upward momentum started to take off on Wednesday amid rising pressure from bulls.
MATIC, UNI Lead Gains as ADA Pumps 5%
As bullish market updates strengthened the crypto narrative, certain projects like Polygon and Uniswap garnered more attention than others. MATIC and UNI noted the highest gains among the top 100 cryptocurrencies by market cap at the time of writing.
MATIC price levels started gaining bullish momentum on July 14 after getting selected for the Walt Disney Company’s business development program. The coin’s price surged by over 22% to a high of $0.659 – its highest level in almost a month.
As bulls strength, the gains, MATIC’s price also climbed above its 50-day exponential moving average (EMA), which has acted as a crucial resistance since MATIC’s gains in January 2022.
On the other hand, DeFi token UNI noted a close to 20% surge in price over the last 24 hours after broker Robinhood Markets added the token to its crypto trading platform. UNI’s price gained momentum as social sentiment for the coin turned bullish on Thursday after Robinhood announced in a Twitter post.
Cardano (ADA) Price Analysis
At press time, ADA traded at $0.4436, noting a 4.52% rise on the daily price frame. However, the 8th ranked crypto by market cap was still down by 6.35% on the weekly window. Despite many cryptocurrencies providing a break-even opportunity, ADA’s price still risked a decline to the $0.40 barrier.
In the short term, a daily close above the $4.550 mark could ensure further gains above key resistance levels. For ADA to chart a true recovery, the coin’s price would need a strong push from bulls above the $0.50 mark over the weekend.
On ADA’s four-hour chart, the relative strength index (RSI) presented a rise in buyers from June 14. A steady surge in buying pressure has favored ADA’s price. Thus, if buying pressure continues to dominate the market and RSI presents net domination from buyers, ADA price could see a healthy uptick.
Additionally, with the upcoming Vasil hard fork, development activity on the Cardano network has picked up the pace. Cardano saw higher Github commits than some competitors like Ethereum, Solana, and Avalanche.
Ahead of the hard fork, the technical director of open-source development at the Cardano Foundation revealed that the node, ledger, network, and consensus appear stable. However, can these positive developments in the larger market and developmental advances push ADA’s price?
ADA’s short-term price movement could be larger market-driven amid high volatility. That said, in the crypto market, nothing is certain it’s best to ‘do your own research,’ especially in a bear market.