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One of the crypto-long-standing market’s certainties is Bitcoin’s association with the industry’s altcoins. As has always been the case, the market’s altcoins have often followed BTC’s lead in charting their price movements. However, at the time of publication, this was not the case.
In reality, this hasn’t been the case for Ethereum Classic, Polkadot, and VeChain in the last week or so.
Polkadot, the cryptocurrency rated eighth on CoinMarketCap, has become one of the only alts to increase exponentially over the last week, amid BTC’s largely sideways results on the price charts. In reality, DOT increased by more than 42 percent in less than a week, and the alt recently reached its all-time high.
Although DOT has been affected by BTC moves in the past, with the majority of the altcoin sector rallying alongside it, Polkadot is expected to maintain its uptrend in the near term. It is worth noting, though, that certain corrections appeared to be taking effect at the time of publication.
DOT’s bullish predictions were illuminated by technical indicators, which showed that while the Parabolic SAR’s dotted markers were just below the price candles, the MACD line was soaring above the Signal line.
Polkadot’s press time shift seemed to be in line with what a previous report predicted a few days earlier.
The altcoin recently made headlines after ICONs’ blockchain core developers merged with the DOT ecosystem.
Ethereum Classic [ETC]
Ethereum Classic, like Polkadot, has seen strong price growth in the last 7-10 days. In reality, after some corrections, ETC was swift to resume its upward trend on the charts. Having said that, the main question is whether ETC’s uptrend can be maintained in the long term.
For the bulk of 2021, ETC’s pricing activity has been somewhat volatile, with price spikes often offset by a sequence of fleeting declines.
In the short term, though, ETC seemed to be quite optimistic at the time of publication. Although the Bollinger Bands’ mouth was diverging, indicating any incoming price uncertainty, the Awesome Oscillator showed a sharp increase in positive market momentum.
Despite the lack of a sustained uptrend in ETC, it is worth noting that Grayscale’s Ethereum Classic assets under management were valued at more than $158 million at the time of publication.
VeChain, like Polkadot before it, just recently reached its ATH on the charts, propelling the alt to the 20th position on CoinMarket. In reality, VET has been climbing the charts since the beginning of March, after experiencing a lot of sideways movement in January and February.
It should be remembered, however, that although VET increased by more than 24 percent in a single week, the increase in valuation was not followed by an increase in trading volume.
The bullishness in VeChain’s business was reflected by the results of its metrics, as while the Chaikin Money Flow had returned to zero, the Relative Strength Index appeared to skirt the overbought region on the charts.
According to a new report, VET has a number of support thresholds that would prevent the altcoin’s price from falling further.