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The crypto market has seen a lot of uncertainty in the last week, with Bitcoin, the world’s biggest cryptocurrency, reaching a record high over $64,000 only to slump down to under $61,000 48 hours later. Understandably, the movement of the king coin had a major impact on the market’s altcoins, with many falling off the charts. Although correlation statistics remain strong, the results were not uniform in any way. The price movements of Elrond, Tron, and Waves were examples of this.
EGLD, like TRX, has risen to the top of the charts in April. Unlike TRX, though, its movement has become a bit more erratic, with its bullish momentum stalling somewhat in recent days. Indeed, it is possible that a pattern turnaround has occurred, with the alt dropping by almost 8.5 percent in 36 hours.
Aside from a brief surge, trading rates have gradually declined to reflect the aforementioned depreciation.
While the Awesome Oscillator’s histogram had fallen below the half-line and was flashing bearish signals, the Relative Strength Index was nearing the oversold region.
Elrond recently made headlines as a deal with Shopping.io allowed the use of EGLD at retail behemoths Walmart and Amazon in the United States.
Tron [TRX], once a mainstay in the top-10, was ranked 17th on CoinMarketCap at the time of publication. TRX, on the other hand, has recently made a concerted attempt to reclaim its place on the charts. If the altcoin market was dealing sideways in the latter half of March, the crypto market was swift to capitalise on the altcoin market’s bullishness in April. In reality, TRX has climbed the charts this month on the back of a consistent uptrend, with the alt appreciating by nearly 30% in the last few days alone.
It should be noted, though, that there hasn’t been a lot of trading activity going around in recent trading sessions.
The TRX sector seemed to be in good shape at the time of publication, as shown by the results of its technical indicators. Although the Parabolic SAR’s dotted markers were just below the price candles, indicating bullishness, the Chaikin Money Flow was approaching 0.20.
Because of the aforementioned bullishness, TRX is expected to be one of the alts to lead the market rebound.
TRON was recently in the headlines after USDT on its blockchain surpassed Tether on Ethereum.
WAVES has seen no of TRX or ELGD’s moves, with the altcoin still trading inside a close channel at press time, pending any negligible attempts at an uptrend. It is worth noting, though, that the alt was at its most erratic in the first ten days of the month, with a 50% increase accompanied by a 22% reversal – this in less than a week.
The crypto’s technological indicators did not reveal which path the alt would take next. While the Bollinger Bands were marginally diverging, indicating any impending market uncertainty, the MACD was closing in on the Signal line for a bearish convergence.