Traditionally, due to their high correlation stats with Bitcoin, altcoins have also mirrored the world’s biggest crypto movements. However, that was not exactly the case for all cryptocurrencies, particularly those like Polkadot, Cosmos, and IOTA, especially late.
Cosmos, the cryptocurrency ranked 19th on the CoinMarketCap list, like Polkadot, has been on a sharp uptrend since the beginning of February. Currently, like DOT, ATOM too hiked to hit a new ATH on the price charts. At press time, however, the corrections seemed to be in progress, with the crypt dropping by more than 8 percent over the last three days.
The depreciation was an interesting phenomenon, however, especially since the rest of the crypto-market was rallying at the time. In reality, just yesterday, BTC crossed the $55,000 mark. On the contrary, when the latter was within range, ATOM increased by more than 32% in two days.
The Bollinger Bands have indicated that some degree of near-term market uncertainty is inevitable. In addition, the Amazing Oscillator demonstrated the market’s bullish momentum, with the histogram flashing green signals.
IOTA, once a common mainstay in the top 10 of the crypto industry, is no longer so big, with crypto ranked 24th on CoinMarketCap at the time of writing. Like Cosmos and Polkadot, IOTA has also climbed the charts over the past week. However, unlike DOT and ATOM, IOTA’s movements have not been as steep, with crypto hiking more than 28 percent over a 4-day stretch.
At the time of writing, a trend reversal or correction did not seem to be in progress since the MACD line was far above the Signal line, the Chaikin Money Flow was close to 0.20, underlining the strength of capital inflows to the IOTA market.
IOTA was in the news recently after it was revealed that the IOTA Foundation would be partnering with Curv Custody to broaden its token ecosystem.
It’s been a good year for you to be a DOT holder. Although the year 2021 started with Polkadot [DOT] priced at just over $4, it was valued at $37.94 at the time of publishing. In fact, on the back of the uptrend that started back in mid-January, DOT climbed sharply onto the charts, with the crypt recording one ATH after the other every couple of days.
Although Bitcoin’s rangebound activity stalled for a while, DOT was swift to resume its northbound success on the charts. At press time, DOT registered a 357 percent YTD return.
The size of the bullishness in the DOT market was illustrated by its technical indicators, as the parabolic SAR dotted markers were well below the price candles and the relative strength index was well above 80 in the over-purchased region, an indication of the market strength of the buyers.
Polkadot made headlines yesterday after it had been revealed that the crypto-index protocol The Graph would give full support to Polkadot, among others.
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