226 Interactions, 2 today
After a short moment in which the market’s alts tanked as a result of Bitcoin’s price activity, XRP, THETA, UNI, and Dogecoin were all climbing back up the price charts at press time.
After the SEC sued Ripple Labs and its executives in December, the price of XRP dropped to as low as $0.20. However, the altcoin’s rebound has been impressive, with the cryptocurrency just reaching a three-year peak. Unfortunately, the aforementioned bullish trend has recently been halted by BTC’s drop on the graph.
Indeed, when Bitcoin fell, XRP corrected by 44 percent in a matter of days. At the time of publication, though, the rebound was back on track, with the alt up by more than 36% in 48 hours.
Since the aforementioned bullish price activity is very recent, the crypto’s indicators did not predict it very strongly. Although the dotted markers of the Parabolic SAR were put over the price candles, the Awesome Oscillator’s histogram just showed a minor increase in market momentum.
According to a recent report, the alt could retest the $1.96 high if it can stabilise around the $1.40 level before witnessing another quick rally.
Dogecoin, the industry’s leading “meme-coin,” has received a lot of attention recently due to its proclivity to record exponential increases when they are least predicted. The altcoin sector rallied in the second week of April, demonstrating the same pattern. DOGE did as well, but the magnitude of the same, with weekly gains of 489 percent, surprised many.
When the stock corrected, however, expectations of a $1 value were dashed. Nonetheless, at the time of publishing, DOGE was nearing the end of a 5-day uptrend that saw the cryptocurrency’s value rise by nearly 25%. It is also worth noting that trade rates have recently dropped sharply, which leads to a drop in social interest.
At the time of publication, Dogecoin’s metrics were already bullish. Although the Bollinger Bands mouth was pointing north, Chaikin Money Flow was keeping steady near the 0.20 level.
The cryptocurrency was recently in the headlines after CoinShares’ Meltem Demirors labelled it a “bubble.”
At press time, Uniswap, the market’s largest DeFi coin, was ranked 9th on CoinMarketCap’s lists. UNI’s market changes on the charts were not as stable or standardised as those of XRP and Dogecoin. However, UNI, like the other two alternatives, was seeing some valuation growth as a result of 20% corrections. Indeed, the cryptocurrency has made such a strong comeback that it has reached its all-time high on the charts in less than 12 hours.
While the dotted markers of the Parabolic SAR had flipped to place themselves under the price candles, the MACD crossed the Signal line, indicating that the demand was bullish.
With V3 on the horizon, it will be fascinating to see how the token reacts to the launch.
THETA’s explosive growth in the latter half of March, at a period when the majority of the industry was consolidating, shocked those in the crypto-community, with the aforementioned spike propelling the altcoin only outside the top-10 on CoinMarketCap. THETA was ranked 17th at the time of publication, with its price fortunes influenced by the market-wide depreciation in mid-April.
As a result of this, THETA dropped by almost 40% before recovering slightly by another 30% on the charts.
Although the Bollinger Bands suggested that market instability was possible in the short term, the Relative Strength Index was acting as a middleman between the oversold and overbought regions.