Daily Altcoin Analysis August 4: XRP, ADA, VET, TRX

Key Insights:

• Cardano is leading the downtrend this week with a 5.6% drop.
• VeChain noted a 3% dip today after days of the consistent rally.
• Bitcoin and Ethereum also noted a dip today, trading at $22.6k and $1.59k, respectively.

With the Vasil hard fork delayed by several weeks and no significant development coming up soon, Cardano will be facing a tough time recovering from the lows imbued by the downtrend that also resulted in the king coin and the altcoin king’s decline to $22,674 and $1,598.

Ripple (XRP)

While Ripple is fighting the SEC, on the one hand, it is facing the woes of the crypto market on the other. Falling by 5.31% this week, the altcoin is back to trade at $0.36.

Despite having the support of the 50-day Simple Moving Average (SMA) (red), the altcoin is struggling to flip the 100-day SMA (green) into support, making a recovery difficult.

Cardano (ADA)

The third-generation cryptocurrency is trading at the same lows it was at after the May crash at the $0.5 mark.

But it can’t be said when the altcoin would be able to recover the 47.46% losses, given there is no consistency in the uptrend.

VeChain (VET)

One of the better performers of the lot, VET faced its second only red candle in over ten days, right as it was about to breach through the $0.03 mark.

However, since the altcoin has been exhibiting bullish cues as visible on the Awesome Oscillator, it might not take it too long to achieve the same.

Tron (TRX)

Just as with the other coins of the group, Tron too barely moved in the last 24 hours, struggling to close above $0.07.

As long as the altcoin can maintain the bullish crossover on the MACD, it will have room to grow and recover the June crash of $34.02%.