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Bitcoin’s chart depreciation, precipitated by Tesla’s U-Turn on BTC transfers, had an expectedly corresponding impact on the market’s altcoins, with Tron, THETA, and Solana all losing value in recent trading sessions.
According to its 4-hour charts, much of TRX’s recent market activity has been terribly erratic, with the altcoin struggling to maintain a price pattern in any direction for an extended period of time. TRX was priced at a pace similar to its late-May lows as a result of the aforementioned corrections, with the cryptocurrency losing about 20% of its value in less than a day.
Although the recent turnaround attempts have been followed by an increase in trading rates, a near-term shift in direction should be avoided.
Although the Parabolic SAR’s dotted markers were well above the price candles, indicating bearishness in the market, the Chaikin Money Flow remained stable near 0.20. This showed that, amid recent market volatility, capital inflows remained solid.
Tron was in the news recently after Justin Sun commented on Elon Musk’s plan to launch a DOGE satellite.
THETA, as TRX before it, has dropped down the charts in the last 24 hours, with the alt dropping almost 20% of its worth over that time frame. As a result of the same, the cryptocurrency was once again priced at a pace last seen a few weeks before, with the absence of bullish traction in the broader sector discounting the possibility of a meaningful rebound in the near future.
Since reaching its all-time high less than a month ago, the altcoin was just 36% of the way there as of press time.
Although the Awesome Oscillator indicated a drop in market sentiment, the Relative Strength Index had recovered slightly to stay near the oversold zone.
Because of Bitcoin’s corrections, the few bullish signs mentioned in a previous review had faded by the time this article was written.
SOL has gotten a lot of attention recently, with Solana’s appearance as Ethereum’s rival having a major impact on the alt’s price fortunes. In reality, by the end of 2021, the cryptocurrency had risen from just under $2 to more than $43. SOL, like TRX and THETA, dropped on the rankings, with the cryptocurrency losing more than 10% of its value. The aforementioned drop in value followed a 14.5 percent increase.
Although the mouth of the Bollinger Bands remained stable, indicating that some price uncertainty was available, the Relative Strength Index was creeping into the oversold region as a result of the market’s corrections.