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At the time of publication, Bitcoin, the world’s biggest cryptocurrency, was also trying to recoup much of its gains from the mid-April depreciation. However, it was a different matter for the market’s altcoins. Ethereum was once again at the forefront of the altcoin rally, dragging Ethereum Classic along with it. Unfortunately, Dogecoin was once again stealing the show.
Despite brief corrections, Ethereum, the world’s largest altcoin, has been on a steady upward trajectory for the past 30 days or so. In reality, it may be argued that the rate of change has increased in the last 10 days, with ETH surging sharply to reach yet another all-time high on the charts.
The altcoin has risen by nearly 40% in the last fortnight, and it is now well above the much-anticipated psychological resistance of $3,000.
When the crypto’s technological metrics were considered, the magnitude of the aforementioned spike became clear. Although the Bollinger Bands’ mouth was expanding, indicating that there was space for more uncertainty, the Awesome Oscillator’s histogram showed a surge of market momentum.
It is worth noting that at the time of publication, certain price chart corrections were starting to take effect.
Many members of the group were surprised at how much Dogecoin, the market’s most famous meme-coin, increased in value in February. However, the aforementioned increases pale in comparison to the magnitude of the spikes DOGE saw in April, with the latter seeing the alt rise to previously unknown heights on the market charts.
This has also been the case in recent days, with DOGE having reached yet another ATH at the time of publishing.
With Tesla CEO Elon Musk set to appear on Saturday Night Live on the 8th to promote “Dogefather,” it appears that the alt will continue to rise in the near term. However, when this bubble will burst is a mystery that does not yet have an answer.
DOGE’s metrics were also optimistic, which was understandable. While the dotted indicators of the Parabolic SAR were under the price candles, the Relative Strength Index was deep into the overbought region. However, it should be noted that the latter had yet to reach peaks seen in mid-April. As a result, further gains seemed to be very probable.
Ethereum Classic [ETC]
Since the spate of 51 percent assaults in August 2020, Ethereum Classic, the cryptocurrency ranked 27th on CoinMarketCap, has recovered well. If the general bullishness of the altcoin market and Ethereum has certainly helped, local innovations have also led to ETC’s current position on the price charts. Consider the following: ETC was worth just under $10 in February. At the time of publication, ETC was worth $51.56.
What makes ETC’s recent increases even more shocking is that they were followed by very volatile market rates. In reality, the alt has risen by more than 60% in the last week alone.
Although the MACD line was soaring well above the Signal line, the Chaikin Money Flow line remained stable below 0.20, highlighting the extent of the market’s capital inflows.