Thanks to Bitcoin’s immense market supremacy and market share, its movement is also mirrored in the success of altcoins on the market. As the world’s largest crypto was line-bound and unified, business alts such as Monero and Ethereum Classic were corrected. However, when BTC resumed its uptrend, these alts were swift to follow suit.
Ethereum Classic [ETC]
At the time of writing, Ethereum Classic seemed to have recovered well from the sideways movement that had marked its success for much of the last 3-4 months. In reality, ETC has been climbing exponentially on the charts in the last 10 days, with the crypt climbing by more than 100 percent in just 4 days.
Although the said hike was followed by corrections soon after, at press time, ETC was on its way to recovery with YTD returns of 192%.
ETC’s Bollinger Bands underscored the degree of uncertainty in the crypto industry, with the same anticipation that more would arrive in the near term. On the contrary, amid the above rebound, the Amazing Oscillator was flashing bearish signals.
According to a recent update, Grayscale currently has 12.28M ETC under care.
Monero, the largest privacy coin in the crypto industry, had a 2021 topsy-turvy. Although the month of January saw XMR’s register of short hikes followed by rapid falls, February saw more or less the cryptocurrency sustain its uptrend on the charts. This was also the case over the past week, and Monero briefly threatened a reversal of the trend when Bitcoin was trading within the $50,000-$52,000 range, and it soon rose again after Bitcoin’s climb.
In fact, the cryptocurrency increased by more than 27 per cent in just four days.
Monero’s technical indicators underscored the market’s general buoyancy as the Parabolic SAR dotted markers were just below the price candles, while the MACD line was rising above the Signal line. In the near term, the probability of a pattern reversal appeared very remote.
Cryptocurrency recently made headlines after supporters of the privacy coin called on Tesla to add Monero to its payment options.
VeChain, the cryptocurrency ranked 27th on CoinMarketCap charts, has been on the uptrend since the beginning of the year. Its price changes over the past week have, however, imitated those of Monero and Ethereum Classic. VET too hiked before correcting, after which, thanks to Bitcoin’s $55,000 hack, it came back again.
As a result of the rally, VeChain’s indicators have flashed bullish signals. While the Bollinger Bands predicted incoming price uncertainty, the Relative Strength Index skirted the over-purchased region to indicate that buyers were in control of the crypto-market.
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