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Although there is a broad link between the broader altcoin market and Bitcoin, the world’s largest cryptocurrency, the connection is not standardised or reliable. This was also the case in the previous week, as demonstrated by the market fluctuations of Enjin, Polkadot, and VeChain.
Before the recent market-wide depreciation, ENJ was nearing the end of a sharp uptrend on the stock charts. Enjin even achieved an ATH after doing so. While it was a little late, corrections did finally hit ENJ’s business, with the cryptocurrency crashing by more than 22 percent later.
It is worth noting, however, that at the time of release, Enjin was still well-positioned to expand on its price action, particularly given that Bitcoin was recovering to climb above $55,000 on the charts.
Although the Bollinger Bands’ mouth was closing in to signal any uncertainty limitations, the Awesome Oscillator’s histogram showed a drop in bullish market momentum.
Polkadot, which was ranked sixth on CoinMarketCap at the time of publication, has had a decent few months, with the altcoin surging up the rankings in terms of both price and position. However, DOT’s movement has been very uneven in recent weeks, with its charts displaying a number of crests and troughs.
The Bitcoin-led depreciation over the last seven days was only the latest in a long line. It should be remembered, however, that while DOT dropped by nearly 13% in the aforementioned situation, it has since risen by more than 8%. Furthermore, the majority of DOT’s price adjustments occurred after the remainder of the industry had already reversed itself.
Although the dot markers on the Parabolic SAR were just below the price candles, the Chaikin Money Flow was pointing south and going below zero on the maps.
The altcoin has lately been in the news due to its ecosystem innovations, surging interest, and use cases, which have apparently caused a rally in the likes of REN and OCEAN.
VeChain, which was ranked 19th on CoinMarketCap at the time of publication, was moving on the back of a sharp uptrend on the price charts, before declines struck. VET, like Enjin, just reached its ATH, with the altcoin reaching $0.08 a few days ago. Unfortunately, the cryptocurrency has fell by more than 10% since then, with bearish sentiment gathering strength throughout the board.
The altcoin’s indicators mirrored this, as the MACD line was just below the Signal line, while the Relative Strength Index was keeping steady about the 55-mark after slipping sharply from the overbought zone.