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At the time of publishing, Bitcoin, the world’s biggest cryptocurrency, had breached the $55,000 mark, extending its turnaround streak.
The above violation had a similar impact on the price fortunes of the market’s alts, with Litecoin, Monero, Zcash, and Chiliz all that in value.
At press time, Litecoin, the cryptocurrency nicknamed the silver to Bitcoin’s gold, has risen by more than 16 percent following the market-wide depreciation on the 25th. As a result, the altcoin was on the verge of resuming its pre-market collapse levels, with the crypto-overall market’s bullish mood adding credence to hopes of a long-term uptrend.
However, it should be remembered that the most recent price candle was flickering bearish signals. Litecoin’s metrics were already leaning towards market bears, implying that this would be changed eventually.
Although the dotted markers of the Parabolic SAR were just below the price candles, the Relative Strength Index was remaining steady near the overbought level.
The market movement of Litecoin at press time was also contradictory to what was seen on the price charts at the time of a previous report.
At the time of publication, Monero, the crypto-leading market’s privacy currency, was ranked 21st on CoinMarketCap’s lists. XMR, like most altcoins, has risen after Bitcoin fueled a market-wide correction a few days ago. Unlike other alts, however, Monero’s ascent has not been uniform or stable, with some corrections occuring in recent days.
The magnitude of Monero’s market resurgence was highlighted by the findings of its technical indicators, which showed that the mouth of the Bollinger Bands was widening slightly, indicating a degree of price uncertainty, and the MACD line was diverging from the Signal line, following a near bearish divergence after corrections stalled on the price charts.
In making such a recovery, Monero was also observed to have recovered most of its recent losses. In fact, before the 25th, XMR had climbed to a 3-year high on the back of atomic swaps and network upgrades.
Zcash, another industry leader in privacy coins, has more in common with Litecoin than Monero in terms of price movement. ZEC, like the former, has been on a prolonged uptrend over the last two days, with the cryptocurrency recouping some of its recent losses. However, it was difficult to determine if this represented a pattern reversal, particularly because recent trade volumes remained poor.
The crypto metrics, on the other hand, were leaning towards the market bulls, with the Parabolic SAR’s dotted markers placed under the price candles and the Awesome Oscillator’s histogram displaying an increase in bullish market momentum.
Zcash was in the news a few weeks ago when it was referred to by Signal in its own plans to develop a cryptocurrency.
CHZ was trading in a narrow price range prior to the above market corrections. As a result, the altcoin’s rebound has brought it back to the rate seen a few weeks earlier. In reality, CHZ has risen by more than 37% in the last few days, with the rise in the alt’s market activity leading to the cryptocurrency selling at a pace far closer to its local high.
If the broader market remains bullish, CHZ will continue to climb the charts.
While the Awesome Oscillator’s histogram showed a jump in market enthusiasm, amid some bearish signs, the Relative Strength Index was near to the overbought range – an indication that traders were gathering strength as the market continued to rise.