After a brief period that saw a lot of crypto-market trading sideways, the last 6-12 hours have seen quite a lot of price chart movements. Not only did Bitcoin, the world’s biggest cryptocurrency, go over the $50,000 threshold to sell at $51,610 in press time, but the market’s seniors all did the same, with Litecoin, Ontology, and VeChain doing the same.
Popularly nicknamed silver to Bitcoin’s gold, Litecoin’s price swings have frequently corresponded to those registered by the world’s largest cryptocurrency. Although Litecoin once traded at a 3-year peak well above $230 on indexes, it quickly dropped to as low as $160 due to BTC’s depreciation. With Bitcoin winning press time, so did Litecoin, with crypto traded right under the $200-mark.
On the back of BTC’s latest foray over $50k, Litecoin posted gains of over 12 percent over the 12-hour span.
In reality, the size of the gains recorded over the last few hours has been illustrated by the technical indicators of the crypt. Although the Parabolic SAR’s dotted markers were just below the price candles, the Chaikin Money Flow rose past 0.20 to underscore the speed of the inflows into the LTC sector.
Litecoin was in the headlines yesterday after founder Charlie Lee drew a distinction between 2013’s altcoin mania, 2017’s ICO fever, and 2021’s NFT craziness.
Ontology, the cryptocurrency ranked 77th in CoinMarketCap, like Litecoin, also rose to the back of Bitcoin’s movement. In reality, ONT reported a 13.5 per cent hike in the last 12 hours alone. Although this is a substantial increase, at the time of writing, ONT continued to trade at a pace well below its market highs in the third week of February.
Also, it’s worth mentioning that due to the absence of organic changes in its environment, it’s hard to predict at this point whether ONT would be able to continue its bullish movement if Bitcoin were to correct itself.
Although the Bollinger Bands have widened somewhat to reflect an increase in near-term instability, the MACD line has remained stable above the Signal line, with the two poised to go past the half-line.
Ranked 30th on CoinMarketCap indexes, VeChain, like the majority of the market, was going north on the back of the crypto-general market’s bullish momentum. In reality, after a 9 percent increase in the last 12 hours, the cryptocurrency was well on its way to breaking its immediate price chart resistance.
It is worth noting, however, that despite the said increase, the trading volumes for VET were still consistently normal, with levels as low as those seen in mid-February. It was at that time that KuCoin’s famous crypto-exchange announced the introduction of VeChain Futures.
Although the Relative Strength Index was going into the overcrowded zone, the Awesome Oscillator flashed a bullish signal with two green bars on the histogram.
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