A week after a serious wave of corrections dropped Bitcoin below the $60,000-mark from an ATH, the world’s largest cryptocurrency was yet to recover its position. Understandably, this had a corresponding effect on many of the market’s altcoins, including THETA and SUSHI.
Bitcoin [BTC]
Source: BTC/USD on TradingView
2021 has seen Bitcoin, the world’s largest cryptocurrency, register one ATH after the other on the price charts. However, it hasn’t been smooth sailing by any means, with the crypto’s price action riddled with bouts of volatility from time to time. This was evident when the crypto’s price movement over the past week was taken into account, with BTC observed to have fallen from its ATH of $64,804 by over 15%, at press time.
The scale of the bearishness in the Bitcoin market was underlined by its technical indicators. While the dotted markers of the Parabolic SAR were positioned above the price candles, Relative Strength Index was heading towards the oversold zone. According to the latter, sellers were slowly gaining strength across the board.
According to Nikolaos Panigirtzoglou, $60,000 will be the “do-or-die” level for the cryptocurrency, with the J.P Morgan analyst predicting that BTC failing to breach this zone in the near term would lead to a collapse of momentum signals.
SushiSwap [SUSHI]
Source: SUSHI/USD on TradingView
When compared to the rest of the market, SUSHI’s price hasn’t been as fortunate over the past few months, with the alt’s price action struggling to sustain an extended uptrend since mid-February 2021. This has had a ripple effect on SUSHI’s position on the charts, with the alt now ranked 69th on CoinMarketCap. In fact, even in the DeFi space, its volumes had been overtaken by the likes of PancakeSwap, at press time.
Thanks to the Bitcoin-precipitated corrections, SUSHI fell by over 30% in the last week alone. Following the same, SUSHI was observed to be trading at its late-March price levels.
A trend reversal seemed unlikely, despite a recent uptick in trading volumes. While Bollinger Bands were diverging, Chaikin Money Flow was dipping towards zero – a sign of capital outflows gaining steam.
As pointed out by a recent analysis, SUSHI would need to climb past the $15-mark to have any chance at near-term recovery.
THETA
Source: THETA/USD on TradingView
Since making headlines after an exponential surge on the charts in the month of March, THETA has stagnated somewhat, with April seeing the alt trade sideways for most of the time. In fact, THETA was one of the few alts to behave this way since a majority of the altcoin market was heading north in early April.
At the time of writing, THETA had broken out of its sideways pattern, with the crypto breaking south on the back of market-wide corrections. THETA was down by almost 24% in a matter of days.
What’s more, while MACD line was diverging away from the Signal line, the Awesome Oscillator’s histogram continued to picture a fall in market momentum.
