Although Ethereum, the world’s largest altcoin, may have had a strong few days on the price charts, this has not been the case with the rest of the industry. In reality, while ETH soared to a new ATH, the likes of Bitcoin SV, Ontology, and Zcash continued to depreciate. This was not surprising, however, particularly because Bitcoin, the market’s most powerful cryptocurrency, continued to trade sideways at press time.
Zcash, one of the most important privacy coins on the market, such as Bitcoin SV and Ontology, noted a sharp rise in value in mid-January. However, like those altcoins, ZEC too fell victim to a downtrend, with the crypt down by more than 16 per cent on a weekly basis at press time. Although ZEC was selling at a pace well removed from its support level, it appeared unlikely that the crypt would ever crack its local peak.
The subsequent market bearishness was demonstrated by the technical indicators of the Zcash market, as though the Signal Line was well above the MACD line, the Amazing Oscillator’s histogram blinked red, despite the bears seeming to lose traction.
The cryptocurrency made headlines a few weeks ago after it was announced that Bittrex would be delisting popular privacy coins such as Monero, Zcash, and Dash.
Bitcoin SV [BSV]
Bitcoin SV, the cryptocurrency ranked 15th on CoinMarketCap’s indexes, dropped significantly after its 63% price spike in the second week of January. Trading below $174 at the time of publishing, BSV posted a write-down of more than 15% in the last week alone. It should be remembered, though, that it seemed doubtful that the cryptocurrency would fall below the press time support stage.
The same was shown by Bitcoin SV’s technical indicators as while the Parabolic SAR’s dotted markers were far above the price candles and indicated bearishness, the Chaikin Money Flow stayed steady above zero amid the market downtrend, an indication of capital inflows to the market maintaining their pace.
Bitcoin SV’s Craig Wright was in the news recently after he sent legal notices to two websites alleging copyright infringements.
As other altcoins, Ontology has also registered a number of topsy-turvy movements over the last few months. In reality, amid a string of short hikes, its charts have also been punctuated by a number of rapid price drops. At the time of publishing, ONT found one of these price declines, with the altcoin down by more than 18.5 per cent. It remained doubtful, however, that Ontology would be able to retain its price range around the $0.58 mark.
Although the width of the Bollinger Bands remained constant to suggest a degree of near-term instability, the Relative Strength Index was mediating around the neutral zone, considering the fact that it was pointing south.
Ontology’s Jun Li is one of many who believe that digitization is inevitable, with the cryptocurrency’s founder stating, “All kinds of currency or fiat will become digitized or programmable,” during a recent interview.
604 Interactions, 2 today