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Historically, the altcoin market has tracked the price movement of Bitcoin. Indeed, for the majority of its existence, the fortunes of the crypto-market have been linked to those of the king coin. However, at the time of publication, certain shifts seemed to be afoot, with a number of alts going their separate directions on the price charts. This was the case for Chiliz and Verge, with XLM still seeing some movement divergence.
Following weeks of sideways and perhaps stagnant market play, Chiliz has been extraordinarily bullish in recent days. In fact, the alt CHZ increased by more than 45 percent in less than 24 hours, propelling the cryptocurrency to 45th position on CoinMarketCap’s rankings. It is worth noting that corrections soon hit the alt, with the alt down 15% from its local peak. Furthermore, the same trend has pushed the cryptocurrency further away from its all-time peak, which was reached last month.
The extent of the most recent market deflation became apparent when the alt’s metrics were considered. About the fact that the mouth of the Bollinger Bands was closing in, signalling that uncertainty was likely to decrease, the MACD line was collapsing into the Signal line. It was too early to predict whether a bearish convergence would occur at the time of publishing.
Because of its recent results, CHZ has been suggested as a viable alternative for double-digit returns. It was, however, when the most recent corrections were applied.
Stellar Lumens [XLM]
For a long time, XLM was a regular in the top ten cryptocurrency rankings. However, at the time of publication, Stellar was ranked 14th on CMC, trailing VeChain, Uniswap, and Chainlink. The month of April has given the crypto good fortune, as it has with other alts. Unfortunately, its bullish trend has been halted in recent days due to BTC’s failure to break through $65k and, later, its correction to under $61k.
The cryptocurrency has risen by more than 6% in the last several days, after a fleeting time of decline.
At the time of writing, it was too early to tell if the recent uptrend was a pattern reversal because the Parabolic SAR’s dotted markers had flipped to bullish and the Relative Strength Index was healthy but leant towards the oversold sector.
Stellar was in the headlines about a week ago after some nodes on the network went down and were unable to confirm transactions.
Verge, like CHZ, has risen sharply in the last few days. Unlike CHZ, XVG was not at the end of a corrections surge shortly after, with the alt up by more than 55% in less than 24 hours. While the magnitude of the above increase in valuation is remarkable, it should be noted that the altcoin’s price is still well below its all-time high on the charts. Verge’s all-time high of $0.26 was reached more than three years earlier, and the altcoin seemed impossible to surpass it anytime soon at the time of publication.
The cryptocurrency’s technical metrics emphasised the magnitude of its recent bullishness. Although the Awesome Oscillator’s histogram showed a surge in market traction, the Chaikin Money Flow remained stable about 0.20.