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After more than a week of sideways consolidation under the $52,000 mark, Bitcoin, the world’s biggest cryptocurrency, has slowly edged closer to its ATH over the past 24-36 hours. The result of the bitcoin boom was instant, with much of the altcoin industry following suit. However, the effect of BTC was not consistent, with some cryptos shown to be marginally corrected over the last few days.
Like Waves, COMP has also been correcting the charts over the past few days, with the crypt down by more than 13 percent in the last 72 hours. Notwithstanding its most recent depreciation, the altcoin was already trading close to its local top charts at press time. Furthermore, it was already uncertain if the downtrend alluded to above is expected to persist in the medium term.
Although the declines have been the standard lately, the technical indicators of the altcoin have tended to tilt towards the bulls of the sector. If the Relative Strength Index was mediating between over-sold and over-sold regions, the Chaikin Money Flow was steadily rising above zero.
Compound was in the news recently when it unveiled Gateway, a blockchain that would utilise the Parity substrate framework and provide support for new properties.
Litecoin, one of the most common altcoins on the market, has always shared a high association with Bitcoin. The same thing has been seen in the past few days or so since the silver coin valued on the charts after BTC’s continuous foray over the $52,000 mark. In reality, the size of the crypto hike was amazing, with the alt climbing more than 23 per cent in a matter of days.
It is worth remembering, though, that Litecoin’s trading rates remain well below the rate seen in much of February.
While the Parabolic SAR dotted markers were well below the price candles and underscored the bullishness of the Litecoin sector, the MACD line reported a sharp bullish crossover with the signal line.
Also, Bitcoin may have fuelled LTC’s most recent leap, but this may not be the case in the future, particularly as the code for its MimbleWimble update is expected to be ready by 15 March.
Cryptocurrency ranked 76th in CoinMarketCap charts at the time of publishing, WAVES’ movement has been quite opposite to Litecoin’s in the last few days. While the world’s biggest blockchain has boosted the market growth of a lot of commodities, this altcoin wasn’t one of them.
In reality, WAVES has been continuously correcting on the charts, a trend that may have been a little surprising because it gained over 14 per cent in 72 hours on the back of the alt.
In the near term, though, the technological measures of the altcoin seemed to indicate that such corrections would flatten. For example, the Bollinger Bands closed on price candles, an indication of limited price volatility. Furthermore, the Cool Oscillator hardly displayed any momentum on the histogram.