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After weeks of struggling to break through the $60,000 mark on the price charts, Bitcoin has surged in the last few days, with the cryptocurrency closing at $64,600 at the time of publishing. Good connection figures quickly come into effect, as has always been the case in the past, with the likes of Compound, Tezos, and UNI all rising in tandem with BTC’s market action.
It’s been over two months since COMP reached its all-time high on the charts, and the altcoin has yet to return to those heights. In contrast to other alts on the exchange, the crypto fell slowly on the charts at the beginning of April. However, the aforementioned downtrend was halted after Bitcoin rose on the charts. COMP gained more than 12% in just over a day as a result of the same, bringing the alt closer to its local peak on the charts.
Although some corrections seemed to be in effect at the time of publication, they did not seem to be sufficient to fuel a pattern reversal.
Although the Chaikin Money Flow was well above nil, indicating the power of business capital inflows, the Awesome Oscillator’s histogram depicted optimistic business momentum.
Following its ATH on April 10th, XTZ depreciated as a result of a surge of corrections. Tezos, on the other hand, has reversed its fortunes in recent trading days, with its uptrend resuming. XTZ increased by 9.6 percent in a matter of days as a result of the Bitcoin-fueled market-wide price increase. Indeed, at the time of publication, the alt was not far from its all-time high of $7.17.
Furthermore, the most recent increase in Tezos’s valuation was followed by a significant increase in trading volumes. At the time of publication, the alt’s predictions contradicted those of a previous study, which depicted the creation of a descending channel.
The results of the altcoin’s indicators highlighted the shift in market momentum, as while the Parabolic SAR’s dotted markers were found to be under the price candles, the MACD line registered a bullish convergence above the histogram.
Tezos was in the news recently after Draper Goren Holm announced that it had added XTZ to its $25M venture fund.
UNI, the crypto-largest market’s DeFi token, has risen sharply in recent days as a result of Bitcoin’s general bullishness. In reality, the alt increased by more than 23% on the charts. Although the hike was accompanied by corrections, the market’s bulls reappeared to drive the cryptocurrency higher once more. With the world’s biggest cryptocurrency continuing to rise in value in the short term, UNI can be projected to follow suit.
Furthermore, great things are on the way for UNI in the coming months.
The UNI market’s bullishness was emphasised by its metrics, which showed that although the Bollinger Bands remained broad to indicate incoming price uncertainty, the Relative Strength Index remained near the overbought region.
Uniswap was one of the few cryptos added by banking app Revolut to its trading platform recently.