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Bitcoin, the world’s biggest cryptocurrency, soared from under $60,000 to over $64,500 in less than 48 hours, riding a significant uptrend. However, at the time of publication, the cryptocurrency’s bullish momentum seemed to be tiring, with corrections settling in and dragging the valuation of the broader crypto-market lower. The same was apparent when the price charts of altcoins like Cosmos, Polkadot, and Zcash were examined.
Cosmos, the crypto ranked 31st on CoinMarketCap, has had a decent few weeks, regularly registering higher lows on the basis of a prolonged uptrend. Though ATOM has seen fleeting bursts of depreciation, the alt has risen by more than 17.5 percent in the last few days.
However, like DOT, ATOM has corrected in the last few hours, with the cryptocurrency traded more than 8% below its all-time high.
Although the Bollinger Bands’ mouth was expanding at press time, indicating a degree of incoming price uncertainty, the Awesome Oscillator displayed bullish market traction on the histogram, notwithstanding some bearish signals.
Following a recent vote by Cosmos community representatives, the project’s production team triggered the Inter-Blockchain Communication (IBC) protocol.
Polkadot, the market’s seventh-largest cryptocurrency, has been sitting at its all-time high for just over two weeks. Though corrections ensued as a result of BTC’s recent foray beyond $60k, market bulls once again drove the movement of DOT’s price activity. In reality, DOT has increased by nearly 10% in the last few trading sessions.
At the time of publication, though, corrections in the Bitcoin market were taking their toll on DOT as well, with the alt losing value by the hour.
However, whether these corrections can result in a definitive pattern reversal is a question that cannot be resolved at this time. Although the dotted markers of the Parabolic SAR were far below the price candles and signalling bullishness, the Chaikin Money Flow was stable, including a dip to coincide with the alt’s price fortunes.
The project was in the news recently after Tether announced that it will be launching on Polkadot and Kusama.
Zcash, one of the crypto-leading market’s privacy coins, has been on a steady uptrend for the past fortnight, punctuated by a series of brief price drops. At the time of publication, BTC was in the midst of one of these stages of depreciation after failing to establish itself above the $64,500 mark. Having said that, ZEC was already up nearly 10% in just over 48 hours on the charts.
However, Zcash’s metrics were somewhat ambiguous. Following the fleeting prospect of a bullish crossing, the MACD line was diverging away from the Signal line. Finally, the Relative Strength Index demonstrated buyer strength, with the indicator hovering in the overbought zone.
Zcash was in the news recently after the ECC announced Halo Arc for the “next generation of Zcash.”