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For the past few days, inconsistency has become the rule in the crypto-market. Although Bitcoin, the world’s largest cryptocurrency, had finally broken through the $60k barrier at the time of publication, the same bullishness was not seen on the price charts of a few altcoins such as Basic Attention Token and Chainlink, Ethereum Classic. This is noteworthy, especially because it contradicts what we know about the historical association between BTC and the altcoin industry.
Basic Attention Token [BAT]
Basic Attention Token, the native cryptocurrency of the Brave browser, has been on an upward trend since the beginning of April, but has recently come to a halt. In reality, though BAT rose by nearly 30% in a matter of days, it soon dropped by nearly 9% as a wave of corrections set in, despite BTC’s success on the charts.
BAT’s technological metrics, on the other hand, were ambiguous at best. If the MACD line was approaching a bearish crossing, the Chaikin Money Flow was surging towards 0.10, highlighting the speed of the market’s cash inflows.
Chainlink, the alt ranked tenth on CoinMarketCap’s rankings, has had a strong run since the market’s depreciation on March 25th. In reality, following the same, LINK increased by more than 40% in less than two weeks. However, the aforementioned uptrend seems to have come to a stop in recent days, with the cryptocurrency continuing to trade within a narrow price band.
Though not necessarily bearish, the fact that LINK’s price position is not higher as a result of BTC’s recent success is intriguing. It’s worth noting that, at the time of publishing, the alt was already more than 10% off its February high.
Although the Parabolic SAR’s dotted markers were just below the price candles, indicating the predominant bullishness, the Relative Strength Index was leaning towards the overbought sector, indicating the possibility of further upside.
In reality, a recent study predicted that if the alt breaks out of its pennant on the 12-hour map, LINK might rise as high as $38.
Chainlink was in the news recently after Grayscale announced its addition to its large-cap digital asset fund.
Ethereum Classic [ETC]
The month of April coincided with a favourable time for Ethereum Classic. Although the alt traded largely sideways and within a narrow range on the charts in March, the alt has exploded this month, with the crypto increasing by more than 50% in just over a week. At the time of publishing, the aforementioned bullish trend had been quite stalled, which was somewhat unexpected given BTC’s movement.
Having said that, the alt has yet to register any notable corrections, with its technical indicators continuing to favour the bulls.
Although the Bollinger Bands’ mouth was closing in slightly, indicating a decreasing degree of near-term uncertainty, the Awesome Oscillator’s histogram flashed some bearish signs, amid the market’s overall positive momentum.
According to Grayscale Investments’ latest report, the digital asset manager’s Ethereum Classic Trust currently has over $246 million in AUM.