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With its explosive price rise in the first half of April, the altcoin industry defied Bitcoin’s sideways movement. However, the crypto-market returned to square one in the latter half, with the king coin’s price activity dictating the flow of alts such as Tron, BTT, and Crypto.com Coin.
This was plainly evident on the back of BTC’s fall below $50,000 and its subsequent recovery to $54,000, at press time.
TRX saw major deflation as a result of Bitcoin’s aforementioned price chart drop. In reality, TRX has dropped by more than 38% in just over a week, with its attempts to recover in the last 48 hours amounted to very little at press time, especially in terms of recouping losses.
With TRX’s recent trading volumes struggling to match previous highs, it was uncertain if the pattern turnaround could be maintained in the long run.
Despite the recent price increase, TRX’s metrics remained skewed against the market’s bears. Although the dotted markers of Parabolic SAR were put above the market candles, the Relative Strength Index was flattening between the oversold and overbought areas.
With TRX and other altcoins responding too sharply to BTC’s depreciation, it appears that projections of TRX leading the alt rally have been debunked. At least for the time being.
BitTorrent, the 34th most valuable altcoin on CoinMarketCap, made headlines earlier this month after an 189 percent weekly increase. However, BTT has been on a downward trajectory since then, with the altcoin market’s bullish results in the first half of the month struggling to change direction for the altcoin.
This has also been the case over the last 48 hours, with BTC and the altcoin market’s revival struggling to lift BTT significantly out of its sideways trading trend.
The mouth of the Bollinger Bands was keeping constant, indicating that market uncertainty was expected to remain at its current rate in the medium term. On the opposite, Chaikin Money Flow saw a massive jump on the charts, pushing the alt above zero.
Crypto.com Coin [CRO]
CRO was ranked only outside the top-10 on CoinMarketCap until a few months ago. However, as of press time, its price success had been dominated by the advent of other alts, including several DeFi tokens. Although the cryptocurrency’s value increased on the charts in February, CRO has been somewhat stagnant since mid-March, despite a few unsustainable upticks.
The Bitcoin-fueled depreciation had a negative impact on the alt’s price fortunes, with CRO crashing by more than 30 percent in just over a week. Although the cryptocurrency had risen by 12% at the time of publication, it was impossible to regain all of its losses very soon.
Although the Awesome Oscillator’s histogram was moving below the half-axis, the MACD line was still far below the Signal line, indicating that the sector was bearish.