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The last 24-36 hours have been tough for the rest of the cryptocurrency industry, with Developer, Monero, and Waves both following Bitcoin’s lead and sliding down the price charts. However, with BTC remaining steady above the $54k mark at press time, it seems unlikely that corrections will last long.
Maker, which was ranked 48th on CoinMarketCap at the time of writing, was still recording a sort of revival, as Monero and Waves before it, considering the fact that it had been impacted by a Bitcoin-fueled correction. MKR dropped by more than 8% in less than 24 hours, with its market action and eventual rebound followed by a brief surge in trading volume.
In reality, MKR’s technical indicators emphasised the speed of the aforementioned turnaround, as the Relative Strength Index was going north after skirting the oversold zone on the charts, while the Awesome Oscillator displayed bullish momentum on its histogram.
At the time of publication, Monero, the crypto-leading market’s privacy currency, was ranked 22nd on CoinMarketCap. Monero, like the majority of the altcoin market, dropped as a result of Bitcoin’s depreciation, with the asset crashing by almost 9 percent in just over 24 hours. However, some recovery seemed to be in order since then, with XMR retaining its position on the market charts.
It should be remembered, though, that if BTC falls again, XMR would almost certainly follow.
Monero’s technological metrics, on the other hand, were vague in their predictions. Although the dotted markers on the Parabolic SAR illuminated the market’s bearish power, the Chaikin Money Flow remained above zero, in line with the price chart consolidation.
The altcoin was in the news yesterday after crypto-friendly travel platform Travala.com added Monero as one of its payment options.
WAVES has been trading in a narrow channel on the market charts for the majority of the last few weeks. Although recent WAVES market changes did drive the cryptocurrency out of its rangebound price behaviour, it was not in the expected direction. In reality, the altcoin dropped by more than 7% in a 24-hour period, with the crypto still unable to recoup all of its losses as of press time, despite some recovery attempts.
Although the Bollinger Bands were expanding marginally to allow for any near-term price uncertainty, the MACD was reaching a positive convergence with the Signal axis, suggesting growing market momentum.
Like in the case of Monero, if the general market heads south, WAVES might be forced to follow.