Chainlink, IOTA, Zcash Price Movement Analysis for 7th April, 2021

Spread the love

 308 Interactions,  2 today

Bitcoin, the world’s biggest blockchain, has recently been at the tail end of a quiet market, with its newest attempt to break $60k struggling to bear fruit. On the opposite, pending some corrections at press time, much of the market’s altcoins have soared in recent days. Case in point include Chainlink and IOTA.

Chainlink [LINK]

LINK, one of the market’s most visible altcoins, has been one of the sector’s top performers in the last 6-10 months. The alt’s performance has been exponential in 2021 alone, with the crypto reaching its all-time high in February. The following month, however, LINK traded within a band, which was exacerbated by the market-wide depreciation on the 25th.

However, the alt has risen since then, and the cryptocurrency is now trading near its all-time high. The same has been so in recent days, with LINK appreciating while BTC has traded sideways.

RECOMMENDED READ:  "Btc price is manipulated" is not an assertion against it- digital currency lawyer

Although several corrections were expected at the time of publication, the alt had risen by more than 10% in less than 24 hours.

Although the dotted markers of the Parabolic SAR were well positioned underneath the price candles, the Chaikin Money Flow remained above zero after a recent dip.

Grayscale recently announced the inclusion of Chainlink to its Digital Large Cap Fund, which placed the altcoin in the spotlight.

IOTA 

Source: IOTA/USD on TradingView

IOTA, the altcoin ranked 27th on CoinMarketCap, has surged rapidly on the charts since the month of April began, similar to Chainlink before it. Corrections accompanied LINK’s early-month surge, with the alt dropping by more than 9% in the last 12 hours or so. Given the lack of action on the charts for BTC, IOTA seemed unable to change its bearish pattern on its own.

Although the mouth of the Bollinger Bands was pointed north, the MACD line had fallen below the Signal line, emphasising the power of the incoming bears.

RECOMMENDED READ:  BTC, ETH, DOT, BNB, UNI are top 5 cryptocurrencies to watch this week

Zcash [ZEC]

Source: ZEC/USD on TradingView

Zcash, the crypto-premier world’s privacy currency, has struggled to forecast the recent bullishness of the altcoin market. In reality, the altcoin, like Bitcoin, has plummeted dramatically, with a depreciation of more than 10% in just over 36 hours. However, it is worth remembering that ZEC has regained all of its gains from the market-wide depreciation in March as a result of its subsequent movements.

The findings of its technical indicators highlighted the bearishness in the Zcash industry, as while the Relative Strength Index was slipping into the oversold region to illustrate growth in seller strength, the Awesome Oscillator depicted a collapse in market momentum.

As with IOTA, unless BTC’s market fortunes change, ZEC seemed impossible to rise on its own on the price charts.

Leave a Reply

Contact Us