While an alt season may finally arrive, the fact is that the industry’s alts remain inextricably linked to the price fortunes of the world’s largest cryptocurrency, Bitcoin. This has also been the case in recent days. As BTC dropped, the rest of the market followed suit. With the cryptocurrency trading over $56,000 once more at press time, alts such as BAT, Cardano, and VeChain are also on the rise.
Basic Attention Token [BAT]
BAT, the native token of the Brave browser, like Cardano before it, reached its all-time high on the price charts less than a week ago. BAT, like ADA, has been on a downward trajectory since, with the crypto crashing by more than 11% on the heels of BTC-precipitated corrections on the 22nd.
However, at the time of publication, several attempts to recoup missed gains were visible on BAT’s maps, with the last two price candles flickering orange.
The altcoin’s technical indicators confirmed this, as the mouth of the Bollinger Bands remained stable, indicating a degree of near-term price volatility, whilst the Awesome Oscillator indicated an increase in positive market momentum.
Grayscale announced that one of its new trusts would be focused on Simple Attention Token, which fuelled curiosity in BAT.
Cardano, the market’s fifth-largest cryptocurrency by market capitalisation, has had a successful 2021, with the altcoin reaching its all-time high (ATH) less than a week ago. However, big declines have swept in since then, with ADA on the market charts in a downtrend. Bitcoin’s depreciation on the 22nd exacerbated the downtrend, with the alt crashing by more than 7.67 percent.
However, at the time of publication, some healing was ongoing to coincide with BTC’s own recovery. In reality, the cryptocurrency had YTD returns of more than 560 percent.
A continuous recovery effort is needed to have the ADA’s indicators blinking green again. At the time of publication, the Parabolic SAR’s dotted markers were above the price candles, indicating bearishness, whilst the Chaikin Money Flow was consolidating gradually below zero after a brief uptick.
The altcoin was recently in the headlines after IOHK’s Charles Hoskinson called out Ethereum backers for referring to Cardano as a “ghost chain.”
VeChain, the 19th-ranked cryptocurrency on CoinMarketCap’s charts, like Cardano and BAT, has just recently posted a new ATH on the lists. VET, as the other two, dropped as the rest of the economy did, with the altcoin down by almost 15% in the 24 hours that followed. Another study has previously illustrated the aforementioned depreciation.
VET was up over 7.5 percent in just 12 hours, thanks to the market-wide price increase. However, it was too early to tell whether VET would be able to withstand a pattern turnaround and record higher ATHs.
While the MACD line remained just below the Signal line, the Relative Strength Index was approaching overbought territory as the number of buyers increased across the market.
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