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Crypto Weekly Overview: ADA, LRC, APE, UNI, LINK

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VOC, Voice of Crypto, Altcoins Poised for Breakout

The price action of the crypto market hasn’t been apparent last week.

This is partly due to the CPI Index’s release and bitcoin’s behavior. Bitcoin has refused to go below the $18,250 support for the past month and is failing to break the $20,000 resistance simultaneously.

Let’s examine several cryptocurrencies and their behavior over the last few days regarding price action, market cap, and other metrics.

#1 Crypto: Cardano (ADA)

It has almost been a month after the much-hyped Vasil upgrade on the Cardano network.

Following the release of the Consumer Price Index and the general liquidations in the crypto market, Cardano followed suit and took a nosedive. Cardano was one of the worst-hit cryptocurrencies on the market, crashing to a low of $0.35 over the last 24 hours.

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crypto Chart showing historical retests of the $0.35 support since January 2021 

Chart showing historical retests of the $0.35 support since January 2021 | Source: Tradingview

For perspective, this $0.35 point is the lowest Cardano price since January 2021 (over 21 months ago). Cardano has made a recovery to the $0.38 level in a percentage recovery of 6.53%, according to data from CoinMarketCap.

Cardano has a market cap of $13.1 billion after a 6.53% increase over the last day.

In contrast, the trading volume of the cryptocurrency has dropped 24% in the same timeframe and now sits at $703 million.

#2 Crypto: Loopring (LRC)

In the aftermath of the release of the CPI index, Loopring is one of the cryptocurrencies that has made the healthiest recoveries.

LRC has increased by 4.89% over the last day and has a 6.55% increase in market cap at the time of writing. However, like Cardano, the trading volume of LRC is also low. At press time, the trading volume of Loopring has dropped 31% over the last day to a low of $29.9 million.

Data showing price statistics for Loopring (LRC)

Data showing price statistics for Loopring (LRC) | Source: CoinMarketCap

However, unlike most of the other cryptocurrencies in the market, the price of Loopring appears relatively unaffected by Thursday’s event. The cryptocurrency only dropped about 3%, hitting a low around the $0.24 level.

crypto Chart showing yesterday’s candle on Loopring’s chart 

Chart showing yesterday’s candle on Loopring’s chart | Source: Tradingview

#3 Crypto: Apecoin (APE)

Like Loopring, the effects of the crypto market’s devaluation didn’t affect Apecoin so much.

Apecoin only fell by 2%, with its bulls taking special care to ensure that the price action didn’t close for the day below the $4.17 support line.

Apecoin has respected this support line since mid-June and has failed to break below it.

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Chart showing Apecoin retest of the $4.173 level 

Chart showing Apecoin retest of the $4.173 level | Source: Tradingview

After falling to the horizontal support level around the $4.173 level, APE bounced off, correcting most of its losses, and now appears to be gearing up for a move to the upside.

According to data from CoinMarketCap, Apecoin is up by 3.34% over the last day and has a market-cap upsurge of 4.64% at the time of writing

#4 Crypto: Uniswap (UNI)

In the grand scheme, Uniswap maintains a healthy price action.

Despite general crypto market devaluation, the cryptocurrency’s uptrend has remained valid since mid-June.

crypto Chart of UNI showing undisturbed upward price action and support retest 

Chart of UNI showing undisturbed upward price action and support retest | Source: Tradingview

Overall, Uniswap seems likely to continue upwards unless bearish momentum arises and pushes the cryptocurrency’s price below the $5.2 mark.

According to data from CoinMarketCap, the price of UNI is up by 6.66% over the last day and has a relatively undisturbed trading volume.

Data showing statistics on Uniswap (UNI) 

Data showing statistics on Uniswap (UNI) | Source: CoinMarketCap

#5 Crypto: ChainLink (LINK)

The price action on Chainlink has been choppy for months, neither showing signs of strong upward or downward momentum.

The release of the CPI index only brought the price of chainlink to a retest of the $6.2 level.

Chart of LINK showing relative price choppiness over the last few months

Chart of LINK showing relative price choppiness over the last few months | Source: Tradingview

However, Chainlink has done well for itself over the last day, according to data from CoinMarketCap.

The cryptocurrency is up by 7.04% over the last day, with an interesting correlation in its market cap. At press time, the market cap of Chainlink experienced an upsurge of 7.04% as well, making it one of the cryptocurrencies with the best response to the market devastation.

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Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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