Cryptocurrency News Today – Headlines for May 2

  • Bitcoin’s correction has affected Cardano and EOS
  • Cardano found support at $0.046 and $0.035
  • EOS suffered a lot of volatility over the last 30 days

Cryptocurrency News Today – after what can be described as a very impressive price recovery, the momentum of the overall digital asset market has undergone a minor hiccup. Over the last two days, there have been minor dips in digital asset prices. Altcoins like Cardano, and EOS, posted dips within the aforementioned period. These altcoins have once more mirrored the price action of the number one digital asset Bitcoin. The cryptocurrency recorded a drop in its price.

Cardano Found Support Areas at $0.046 and $0.035

The second half of April has benefited Cardano a lot. The price of ADA saw a massive increase during that period. But in the last 48-hours, this uptrend was halted with the coin’s price falling by 10%. The press time trading value of ADA was at $0.050 with fresh resistance at the $0.052 area. At press time, Cardano had an overall market cap of $1.3 billion.

The coin also had a 24-hour trade volume of $153 million during the same period. There were two strong support positions at $0.046 and $0.035. Cardano’s EMA ribbons were below the coin’s trading price at press time. The Stochastic indicator was approaching the oversold area something that is regarded as a relatively bearish action. While the price of ADA flourished in the second half of April, Cardano gained recognition for the development projects it embarked on by FCAS (Fundamental Crypto Asset Score).

EOS Has Undergone a Lot of Volatility in the Last Month

As the ninth largest crypto by market capitalization, EOS has posted a lot of volatility during the last month. Now over the past 24-hours, the price of EOS was set in a well-positioned area to move past its drop from March 12. However, at press time, the price of EOS was traded at $2.87. The coin posted a 7% dip.

EOS also came very close to the $2.82 support area. If the price of the digital asset were to decline any further, a fresh support point could be essential to stabilizing the coin’s price. This should be at $2.66. The price point from March 12 of $3.1 has continued to offer EOS resistance. The MACD pattern for EOS showed bearish signals as it had undergone a crossover.

The signal pattern is well above the MACD indicator. Further, the Bollinger Bands for EOS were starting to contract relative to its size in the last 24-hours. Recall that EOS was recently in the news after Block.One, the firm behind EOS, announced that it will issue a grant to help in the development of an app that initiates COVID-19 testing

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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