A few days after Bitcoin’s chart hike spurred the rest of the altcoin industry, the momentum of the latter appeared to have drained itself in press time. The likes of Ethereum Classic, Tron, and Zcash were prime examples, with many of these alt recording corrections having been appreciated for a while.
Ethereum Classic [ETC]
Ethereum Classic, the 60th-largest cryptocurrency on CoinMarketCap, has slowly declined in rating charts over the past few months, with its spot being revised by a number of other better-performing altcoins. On the price front, though, ETC did a lot better at press time than it did for a lot of 2020.
And still, recent corrections have left ETC a long way from its mid-February heights. A sustained uptrend on the charts would be expected before the altcoin could hit those levels again.
However, according to its indicators, this seemed impossible, particularly because the Bollinger Bands were closing on price and underscored low near-term volatility, the MACD line was entangled with the Signal line.
Cryptocurrency was in the headlines last week when it was reported that Grayscale had bought over 80k ETC to go.
For Tron [TRX], the last 7 days have been topsy-turvy, with a slow uptrend on price charts accompanied by an altcoin dropping more than 6 percent of its worth. At press time, the cryptocurrency was trading close to its local peak, with TRX more likely to be upside down in the near term. It is worth noting, though, that recent moves of the old have not been backed by trading volume.
A revival in the same way will be the secret to TRX maintaining its uptrend and violating its local top.
The technical indicators of the cryptocurrency underscored the ongoing market uncertainty amid its recent price decline. For example, although the Parabolic SAR dotted markers were far below the price candles, the Chaikin Money Flow remained steady above zero.
The famous altcoin was in the news recently after it was discovered that the DeFi ecosystem of TRX surpassed $5.7 billion in total value.
Zcash, one of the biggest privacy coins on the crypto scene, has been at the end of some very inconsistent price movements over the last 7 days. Though ZEC increased by some 22 percent over the course of four days, some corrections were due at press time. However, it seemed unlikely that the corrections would have a significant influence on the alt’s price fortunes, particularly because these corrections were of a relatively minor nature.
This concept was also supported by the technological metrics of the crypt. The MACD line managed to climb over the signal line after a short clash on the charts when the Awesome Oscillator flashed some green signals.
Like Monero and Dash, ZEC, too, has been tentative in its price movements over the last few months due to the confusion associated with regulators and exchanges clamping down on privacy-centric cryptos.
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