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Historically, the altcoin sector has seen a close association with Bitcoin’s price results. However, over the last few days, multiple alts have moved separately on the maps to log hikes of their own. Although the momentum of the alts rally had cooled somewhat at the time of publication, a pattern turnaround in BTC’s market could only fuel it again.
At the time of writing Bitcoin was trading at $58,414 with a market capitalization of $1.1 trillion.
Polkadot, the cryptocurrency ranked seventh on CoinMarketCap’s rankings, has grown rapidly over the year, with DOT rising from as low as $8.5 to more than $40 at press time in 2021. Although the overall market remains positive, Polkadot’s market has seen sharp corrections in recent days. Indeed, as a result of the same, DOT was observed to be trading more than 10% below its ATH on the charts.
In reality, a recent study predicted the same thing, implying that DOT would fail to exit the channel in which it was traded.
However, it seemed unlikely that these trends would result in a pattern reversal of any sort, as the Parabolic SAR’s dotted markers were far below the market candles and the Relative Strength Index was keeping steady between the overbought and oversold areas, indicating a balance between buyers and sellers.
The project made headlines a few days ago when it was announced that the famous stablecoin Tether would soon be available on Polkadot. It is worth noting, though, that the growth had no effect on the altcoin’s price.
In comparison to Polkadot, the price behaviour of the common DeFi token Synthetix has recently been quite erratic. While the alt increased by more than 34% in a 10-day span, it was unable to maintain its uptrend on the charts, resulting in a wave of sharp corrections. In fact, considering the magnitude of the aforementioned price increase, the valuation of SNX was still well below the highs seen in February at the time of publication.
Despite the absence of a consistent uptrend, the cryptocurrency’s technical indicators appeared to show bullish signals. Although the mouth of the Bollinger Bands on the charts was widening, indicating a degree of instability, the Chaikin Money Flow was above the 0.10-mark, indicating the intensity of capital inflows.
Synthetix recently launched staking on Optimistic Ethereum.
Crypto.com Coin [CRO]
CRO has risen on the charts in 2021, as has the rest of the industry. However, the size of its impact has been dwarfed by the performances of other alts. Although the cryptocurrency has been on an uptrend for the majority of the time since February, CRO’s market activity has recently taken a bearish turn. Although the alt traded in a close channel at the start of April, the crypto has fallen in the last few days. In reality, CRO fell by more than 15% in just two days.
It is worth recalling, however, that CRO’s recent trade volumes have been somewhat higher than those seen in early April.
The technical indicators for the altcoin demonstrated the magnitude of the bearish market activity. While the Signal line stood above the MACD line, the Awesome Oscillator’s histogram indicated that market momentum had decreased.