Although Bitcoin, the world’s largest cryptocurrency, has an enormous impact on the output of the industry, that influence is not universal or consistent in any way. This has been illustrated by the price fluctuations of alts such as Tron, Synthetix, and Crypto.com Coin over the last 7 days.
For much of the last 3-4 months, Tron [TRX], the cryptocurrency rated 25th in CoinMarketCap’s rankings, has witnessed fairly steady, though sideways movements. However, in February 2021, TRX was on the markets, with altcoin trading at levels last seen in June 2019.
Like other alts, Tron has tended to the south at the back of Bitcoin’s depreciation, with TRX dropping by 26% in 5 days. At the time of writing, however, the crypt had registered a green candle on the charts, an indication that recovery efforts were underway.
The Tron indicators presented a more ambivalent picture, as the Parabolic SAR dotted markers were well above the price candles, and the Chaikin Money Flow remained steady at 0.10, a sign of strong capital inflows.
Tron was in the news recently after it had pipped Ethereum to record higher total USDT consumption.
Synthetix, the sixth-largest DeFi market cap token, has enjoyed price swings quite unlike any other over the past 10 days or so. Although SNX recorded an ATH on the 14th map, the token has been on the downtrend since then. In reality, Bitcoin’s $58,000 breach was also unable to drive the token up the charts.
It is worth noting, however, that over the past 48 hours or so, the market bulls have regained some traction, with SNX flashing green on the charts as well. In the 7-day cycle before that, it was observed that SNX had dropped by almost 30%.
The mouth of the Bollinger Bands seemed to remain steady after the recovery began, with the same suggestion that some near-term volatility could be predicted. The Amazing Oscillator was eventually displaying a decline in the bearish momentum.
Synthetix has recently raised $12 million in funding from Coinbase Ventures and Paradigm.
Crypto.com Coin [CRO]
Crypto.com Coin [CRO], the native token of the Crypto.com Chain, has seen its value oscillate significantly over the last 7 days. Though CRO has risen by a stunning 165 percent over the course of four days, corrections have come quickly as the value of Bitcoin, the world’s largest cryptocurrency, has fallen below the $50,000 mark on the charts.
At the time of writing, CRO was trading at the level last seen in September 2020.
The size of the above-mentioned hike was such, however, that CRO’s indicators continued to flash buzzing signals. While the MACD line was floating over the Signal line, the Relative Strength Index skirted the overcrowded region of the charts.
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