Following the long holiday weekend celebrating the Fourth of July in the United States, cryptocurrency markets have been mostly trading sideways with a certain inclination towards the positive. Americans are feeling pretty confident about their future economic prospects and also about the way they are emerging from the coronavirus pandemic; this positive sentiment is carrying over to Wall Street, and to the cryptocurrency markets to a lesser extent.

Bitcoin traders are counting on the strength of institutional investors who have not given up hope that another bullish rally will materialize later this year. On the other hand, the bearish momentum is slowly rising in the rest of the markets, and this appears to be one of the reasons behind the sideways trading pattern that we’re currently seeing in the cryptocurrency markets.

Ethereum (ETH) has been the crypto asset that has been in the forefront of the bearish trend. It had been on a downtrend since February, and currently is testing various support levels. If the price keeps falling below the support line, the next support line to be tested by active traders and speculators.

At the moment, Ethereum (ETH) is slowly trading in the lower range, and there is a decent probability of a correction at any moment.

Cardano (ADA) is a project that many cryptocurrency experts regard as the most important one out of all the projects that are currently being developed. It is being regarded as the future of blockchain.

The ADA/USD pair is currently trading with an increased market cap . This is one of the most undervalued projects out of all the projects being developed, and it is currently struggling with the bearish momentum. Cardano (ADA) has fallen to record lows this year, which has impacted its 200-day moving average and 50-day moving average. It is currently being traded sparingly, and this might indicate that a strong rebound is on the cards, but not as bullish as many would hope for.

Finally, altcoins and decentralized finance technology projects are the tokens attracting more attention, particularly the latter because they are posting strong fundamental news updates.