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Price analysis: Cardano [ADA] and SushiSwap [SUSHI] – March 3

Crypto market remains mostly sideways when following Bitcoin

It would be difficult to describe the performance of the crypto market in recent days. On the one hand, Bitcoin, the largest cryptocurrency in the world, continued to trade sideways below the $ 60,000 level. On the other hand, Ethereum, so far, was well beyond its previous $ 2,040 ATH, with the alt playing $ 2,100 on the charts. Unfortunately for the rest of the market, most alts still seem to be taking orders from BTC, which is why the rest of the market was also trading sideways at the time of writing. This is especially the case with Cardano.

Cardano [ADA]

Source: ADA / USD no. TradingView

Cardano has been one of the best performers of the year, with its price action pushing it to overtake other alts, such as LINK, Bitcoin Cash and Litecoin on the CoinMarketCap charts. The middle of March was especially profitable for ADA holders, with the cryptocurrency moving towards playing a new ATH on the charts. At the time of publication, however, consolidation and a little stagnation were the norm on ADA charts, with alt continuing to trade in the same range for almost a week.

In fact, the ADA movement is well aligned with the projections made a few days ago. Although brief outbreaks of upward momentum have been seen recently, they were too short to initiate and sustain an upward trend.

However, the Cardano market remains as high as ever. The same was evidenced by the technical indicators of the cryptocurrency, because while the dotted markers of the Parabolic SAR were well below the price candles, the Relative Strength Index was leaning towards bulls in the market.

Altcoin was in the news recently after IOHK announced that the Orion Protocol would be the first liquidity aggregator for the Cardano blockchain.

SushiSwap [SUSHI]

Source: SUSHI / USD no TradingView

One of the main DeFi currencies in the crypto market, the price action of SUSHI in recent days has been very much contrary to the movement observed by most of the altcoins market. While ADA a is still stuck in a consolidation pattern, SUSHI rose more than 13.5% in just over 48 hours. So far, while altcoin’s bullish momentum had stopped, it seemed ready to recoup all of its losses from the March 25 market-wide depreciation.

The aforementioned upward momentum in the SUSHI market was supported by the indicator’s findings. While the MACD line was well above the Signal line, Chaikin Money Flow was rising above zero to suggest that capital inflows were finally stronger than capital outflows.

In addition, although SushiSwap is still a long way from overtaking companies like Uniswap, it is important to note that SUSHI must continue giving double-digit returns to its holders.

Source: AMBCrypto

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