Bitcoin’s foray above its previous ATH had a profound effect on the rest of the crypto-market. However, so did its depreciation below $60,000, with the likes of Ethereum, Chainlink, VeChain, and Stellar Lumens all following suit to fall down the price charts.
Ethereum’s surge up the price charts to hit an ATH of $2,544 may have been what triggered the market-wide surge among altcoins. However, Bitcoin’s position as the world’s largest cryptocurrency still has an overwhelming effect on the rest of the crypto-market. When BTC fell, so did ETH, with the crypto trading at $2,137 at the time of writing. In fact, the altcoin had lost over 15% of its value in just 5 days.
The altcoin’s technical indicators underlined the seeping bearishness in the ETH market as Parabolic SAR’s dotted markers were placed above the price candles. Relative Strength Index was between the oversold and overbought zones following a dip from the latter.
ETH has strong support levels above $2,000. Ergo, the altcoin is unlikely to dip below the aforementioned level.
It’s worth noting that of late, short-term price trends have driven ETH’s valuation. Ergo, while a sustained trend reversal was uncertain, recovery in the short-term seemed very likely.
Chainlink, the altcoin ranked 12th on CoinMarketCap’s charts, climbed by almost 30% in a matter of days before the aforementioned corrections set in. Following the same, LINK fell by over 16%, with the crypto trading at a level that was 20% away from its ATH, at press time.
The last 24 hours, however, have seen LINK undergo some recovery, with the final price candle flashing bullish signals. In fact, the same was accompanied by an uptick in trade volumes too.
Bollinger Bands continued to be far apart to point to near-term price volatility; Awesome Oscillator’s histogram flashed bearish signals, with market momentum falling steadily too.
Despite the aforementioned corrections, it’s worth highlighting that there remain reasons why LINK’s rally, when it does resume, might be a long one.
Ranked 13th on CoinMarketCap’s charts, VeChain’s recent price action has been very contrary to the ones noted by the rest of the market’s altcoins. While the last few days saw the latter depreciate significantly, VET hiked to record a new ATH just a few days ago. In fact, despite a few corrections setting in, VET, at press time, was holding itself steady on the charts, with the crypto preparing for another leg up as soon as the general market turns bullish.
The bullish strength in VeChain’s market was underlined by the findings of its indicators as MACD line continued to surge over the Signal line. Chaikin Money Flow was holding its form near 0.20 to point to strong capital inflows.
The surprising hike in VET’s value may have been motivated by the revelation that VeChain is now an “exclusive partner” for PricewaterhouseCoopers.
Stellar Lumens [XLM]
On the daily charts, XLM’s recent movements have been very similar to those noted by the likes of Chainlink and Ethereum, with the alt falling by over 25% on the back of a surge that saw the crypto climb by almost 36%. The uptick in question was crucial for XLM, especially since it pushed the alt’s value back to its February 2020 levels.
At the time of writing, however, XLM was once again close to the price channel it stayed within in the month of March. In fact, the alt was still almost 45% away from its 2018 ATH.
While the mouth of Bollinger Bands was wide to highlight incoming volatility, Relative Strength Index was nearing the oversold zone on the back on ongoing corrections.