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At the time of publication, the majority of the altcoin industry was bleeding as a result of Bitcoin’s recent price decline. Although Tezos and other alts followed the world’s largest cryptocurrency down the market lists, IOTA and VeChain continued to hit fresh records, amid a wave of corrections.
In contrast to the rest of the altcoin industry, IOTA has recently been soaring on the charts, with the cryptocurrency that by nearly 20% in less than two days. Indeed, the altcoin was traded at levels last seen in early January. Furthermore, IOTA’s recent price movement was followed by a large increase in trading volume.
Despite the increase, IOTA is still more than 60% off its all-time high of $2.25.
While the divergence of the Bollinger Bands predicted any incoming market uncertainty, the Relative Strength Index was found to be only below the overbought zone, lending credence to the altcoin’s bullishness. It is worth noting, though, that the RSI was pointed south at the time of publication.
The Chrysalis Network Migration for the month of April was recently confirmed by IOTA.
Tezos, which was ranked 35th on CoinMarketCap at the time of publication, has dropped sharply in recent months, with altcoins such as Theta, FTX Token, IOTA, VeChain, and Aave all overtaking it in terms of market cap. Due to Bitcoin’s inability to maintain a spot close to $60,000, XTZ saw an 8.3 percent drop and a 6.4 percent drop in just four days. In reality, a recent price study has illustrated the above association.
The bearishness of Tezos’ sector was highlighted by the power of its technical indicators, as while the dotted markers of the Parabolic SAR remained above the price candles, the Awesome Oscillator’s histogram showed an increase in negative market momentum.
The altcoin was recently in the news when it was announced that France’s Groupe Casino will launch a Tezos-based stablecoin.
VeChain, the altcoin ranked 18th on CoinMarketCap until recently, was seeing price behaviour that was diametrically opposed to the overall market trend. In reality, before the recent corrections, VET was nearing the end of an uptrend that saw the altcoin rise by 16 percent and reach an all-time high on the charts. AMBCrypto previously commented on VET’s market results during the uptrend.
However, at the time of publishing, the altcoin had fallen by more than 16.5 percent from the aforementioned ATH, with the magnitude of its decline highlighted by the crypto’s metrics as well.
Although the MACD line was found to be dramatically diverging from the Signal line under the histogram, the Chaikin Money Flow plummeted precipitously towards zero.