The past few weeks have been something that could be described as tiring for traders and the digital assets. With everything looking like the consolidation phase will continue, Bitcoin saw a massive bullish run that propelled its price to about $37,000.
This was surprising, but most of the crypto community and experts have attributed the surge to Elon Musks’ recent action regarding the digital asset. With Bitcoin already trading around where it used to be, various mid-cap and low cap digital asset failed to take on the bullish run of the digital asset. Three digital assets that are worthy of being mentioned are Polkadot, Compound, and Algorand.
Polkadot started the year in a unique fashion after the digital asset took on the bull run in the market to make a might surge. According to details, the fourth asset has traded in the green zone for 45 days, save for some little price corrections according to the market cap. Like all other digital assets that failed to register a price gain, Polkadot also failed to use the recent Bitcoin surge to its advantage.
To buttress the fact, Polkadot is currently trading in the reverse in the last few days. The digital asset touched its all-time high during its surge phase but has now made a massive decline in the market to lose about 18% of its value. Even with the downward movement, analysts have mentioned that the asset might soon be on for a price surge.
Despite analysts assuring traders of that, the asset’s on-chain details show that its Relative Strength Index is no longer in the overbought zone, which means that a bearish run should be expected in the coming days. If it continues in this fashion and enters the overbought zone, the digital asset could go way deeper into the bearish level.
Surprisingly, one digital asset that has failed to follow mid-cap and low cap coins is Compound, as the digital asset is still sustaining its bull run. Compound has registered nothing less than a 52% rise to gift investors maximum profits in the last one week. However, despite the digital asset making a massive upward surge, it has failed to reach its all-time high price region.
Despite being backed by investors and trade volumes, Compounds on-chain analysis showed that the digital asset was on for a very massive bullish run. Despite the on-chain analysis showing that the market was ready for volatility, the market showed signs of a bullish run.
Like Compound, Algorand has also seen a significant profit in the last few days, with the digital asset registering a profit of 25%. Notably, the digital asset made a previous move to the levels sustained around November but has since made a surge to move higher. While the market has since shown a bullish outlook, the Algorand market has failed to touch the levels that were last seen around the early parts of the year.
The indicators also showed that the digital asset is also primed for a massive bull run after it passed the signal line on its MACD indicator. Algorand was in the news in recent weeks after the digital asset entered into a partnership with Curv with both entities planning to present “Trusted DeFi” to members of the decentralized finance community.