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Over the past few days, the market’s altcoins, such as Bitcoin Cash, Tezos, Chiliz, and NEM, have closely mirrored the price activity of the world’s largest cryptocurrency. However, at the time of publication, it was uncertain if BTC, and therefore the rest of the industry, would maintain their upward trajectory.
Bitcoin Cash [BCH]
After a prolonged downtrend sent the valuation of the fork coin down the markets, Bitcoin Cash saw a trend turnaround of sorts in the last 48 hours, up by more than 12%. Despite the general market bullishness and the results of its metrics, it was uncertain if BCH would be able to maintain such an uptrend at press time.
Despite this, the altcoin was still trading at a level that was 77 percent lower than its ATH-price level, indicating that it was still far from its local peak on the price charts.
The dotted indicators of the Parabolic SAR shifted in favour of the market bulls as a result of the above uptick. The Relative Strength Index, on the other hand, resumed its upward trend towards the overbought region.
Bitcoin Cash was recently in the headlines during a promotional stunt aimed at luring Elon Musk into making Tesla embrace BCH.
Tezos has fallen down CoinMarketCap’s charts in recent months, with the altcoin placed 36th at press time. Though its market output has been reasonable over the same time span, it has been outperformed by the performances of other altcoins, including many DeFi tokens such as UNI, MAKER, and AAVE.
As for Bitcoin Cash, the dotted markers on the Parabolic SAR for Tezos have flipped in the last 48 hours to highlight the increase in bullishness. Surprisingly, Chaikin Money Flow recorded a staggering surge to 0.40 on the tables, perhaps reflecting the crypto’s 19% increase.
Despite its current position on the market lists, it is worth remembering that XTZ reached an all-time high only 10 days ago.
Tezos has received a lot of attention recently, particularly after Ubisoft joined its ecosystem as a corporate validator.
After some rangebound activity over the last few trading sessions, CHZ has risen by more than 18% in the last 48 hours on the price charts. The lack of a related increase in trading volume may have led to the above, with CHZ struggling to expand its uptrend on the charts as of press time.
While the dotted markers of the Parabolic SAR were under the price candles and forecast market bullishness, the MACD line was moving away from the Signal line. In the short term, MACD is often predicted to rise above the indicator’s histogram.
According to a recent post, amid CHZ’s movement on the charts, Chiliz’s business can be deduced to be positive on the basis of innovations such as the Rakuten collaboration and its flippening of Aave’s market cap.
After the market-wide depreciation on the 16th of the month, NEM, the altcoin ranked 47th on CoinMarketCap at press time, has been in a steep downtrend. Despite recent turnaround attempts, most notably a 22 percent increase in the last 48 hours, NEM was still traded at a pace far below the lows seen earlier in the year.
With exchange volume refusing to increase exponentially, it would be difficult for XEM to reach its local high in the near term. Furthermore, the alt was also on than 80% below its all-time high of $1.37.
Although the Bollinger Bands’ mouth was expanding to predict a degree of price uncertainty, the Awesome Oscillator’s histogram showed an increase in bullish market momentum.