Chainlink, Dash, IOTA Price Movement Analysis for 6th April, 2021

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At the time of publication, Bitcoin’s new bid to break through the coveted $60,000 barrier had fallen to a halt, with the world’s largest cryptocurrency’s price remaining stable about $59k. However, in the last 36 hours, BTC has seen a slight increase in value, which has had a similar impact on the likes of Chainlink, Dash, and IOTA.

Chainlink [LINK]

Chainlink, the cryptocurrency ranked 10th on CoinMarketCap’s rankings, was one of several altcoins to surge on the back of BTC’s price rise. In fact, Connection increased by more than 7% in 24 hours, taking the cryptocurrency closer to its all-time peak. It is worth noting, though, that corrections had begun to appear at the time of publication. If BTC continues to lag on the charts, the depreciation could pave the way for a more pronounced pattern reversal in the sector.

The Chaikin Money Flow (CMF) of the altcoin seemed to be blinking warning signs, with the CMF falling below zero to indicate the severity of capital outflows in the industry. On the contrary, the dotted markers of the Parabolic SAR continued to highlight the LINK market’s bullish momentum.

At the time of publication, the results seemed to invalidate a previous report, which predicted the LINK would attempt to break the $33-level with an unbroken uptrend.

Chainlink recently made headlines when it launched a native Substrate module to add its oracles to Polkadot.

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Dash [DASH]

Source: DASH/USD on TradingView

Dash, one of the crypto-premier market’s privacy coins, has risen sharply in the month of April, with the alt up by more than 20% in just over 24 hours. The blockchain, as the two alts before it, was lagging on the charts at press time, with the slow lack of bullish traction demonstrated by a drop in the alt’s tarding volumes.

The cryptocurrency’s technological metrics, on the other hand, remained ambiguous about whether to expect in the short future, implying that a pattern turnaround has not yet occurred. While the Awesome Oscillator’s histogram displayed both bullish and bearish signals, the MACD line was on the verge of crossing the Signal line in a bearish direction.

Dash was last in the news after it announced an Ethereum DeFi bridge.

 

IOTA

Source: IOTA/USD on TradingView

IOTA, which is ranked 28th on CoinMarketCap, has seen very volatile pricing activity in recent weeks, with fleeting price increases accompanied by rapid drops on the price charts. Before a few hours ago, the altcoin was approaching the end of a 36-hour uptrend that saw the cryptocurrency rise by more than 16 percent. However, with BTC struggling to break through $60k, IOTA, too, has succumbed to sideways movement, after restoring all of its losses from the market-wide depreciation on the 24th and 25th.

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Despite the corrections, IOTA’s technical indicators remained very bullish. At press time, the mouth of the Bollinger Bands was diverging, indicating a degree of short-term market uncertainty, but the Relative Strength Index was holding steady near the overbought zone.

In reality, IOTA’s press time results were diametrically opposed to those noted by a previous report, with the latter’s technological indicators indicating widespread scepticism in the industry.

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