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With Bitcoin, the world’s biggest cryptocurrency, losing some of its bullish traction in recent trading sessions, altcoins such as Tron, Chainlink, and Aave were flashing bearish cues at the time of publishing.
Ergo, BTC’s ability to revive its recovery would be key to encouraging these alts to hike up the charts again.
Tron [TRX], once a mainstay in the crypto-top-10, market’s was ranked 17th on CoinMarketCap at the time of publication. Although TRX has been one of the primary winners of the market’s recent rally, its success has been overshadowed by that of its peers.
TRX dropped along with the index on April 24th and 25th. However, thanks to BTC’s revival, Tron recovered as well, with the cryptocurrency that by more than 27 percent in a matter of days. Unfortunately, its uptrend has shifted to a downtrend over the last few trading sessions, with TRX’s depreciation highlighting the same.
Although the dotted markers of the Parabolic SAR were found to be above the price candles, the Awesome Oscillator depicted a dramatic drop in market momentum as the bears gathered power.
Tron recently made headlines when the price of Tether on its blockchain exceeded the availability on Ethereum.
Chainlink, like Tron, had dropped out of the top-10 at the time of publication, with the performances of alts such as Uniswap, Dogecoin, and Cardano eroding its place. In the month of April, LINK’s market behaviour was very volatile, with a sequence of fast hikes and falls one after the other.
Chainlink, like the rest of the market’s alts, recovered by almost 17 percent to recoup the majority of its recent losses. However, due to a drop in market rates and a drop in bullish sentiment, the alt has resorted to trading within a price range in recent sessions.
While the mouth of the Bollinger Bands was closing in, indicating that uncertainty was declining, Chaikin Money Flow was flowing south, indicating that cash was beginning to flow out of the economy.
Though LINK’s recent fortunes have been linked to those of Bitcoin and Ethereum, one might argue that LINK is entirely capable of surging on its own.
AAVE has emerged as one of the world’s top DeFi coins in recent months, with a market value of more than $5.6 billion at press time. In comparison to other alts, AAVE’s rebound after the market’s drop on the 24th has been very rapid, with the crypto rising by more than 40% in a matter of days.
Unfortunately, the bearish momentum in the broader economy was now seeping into the AAVE sector, with the last few trading sessions seeing some degree of deterioration.
While the MACD line on the charts was going for a bearish crossover, the Relative Strength Index was dipping away from the overbought region, indicating that sellers were gathering strength.