With Bitcoin, the world’s largest cryptocurrency, losing some of its bullish momentum over the last few trading sessions, the price actions of alts such as Tron, Chainlink, and Aave were flashing bearish cues, at the time of writing.
Source: Coinstats
Ergo, BTC’s ability to revive its recovery would be key to encouraging these alts to hike up the charts again.
Tron [TRX]
Source: TRX/USD on TradingView
Once one of the mainstays of the top-10 of the crypto-market, Tron [TRX], at press time, was positioned 17th on CoinMarketCap’s rankings. While TRX has been one of the key beneficiaries of the market-wide rally over the past few months, its performance has been overshadowed by those of its fellow alts.
When the market fell over the 24th and 25th of April, so did TRX. Thanks to BTC’s resurgence, however, Tron recovered too, with the crypto climbing by over 27% in a matter of days. Alas, over the last few trading sessions, its uptrend switched to become a downtrend, with the depreciation in TRX’s value underlining the same too.
While Parabolic SAR’s dotted markers were found to be above the price candles, Awesome Oscillator pictured a sharp fall in market momentum as the bears gained strength.
Tron was in the news recently after the supply of Tether on its blockchain surpassed the supply on Ethereum.
Chainlink [LINK]
Source: LINK/USD on TradingView
At the time of writing, like Tron, Chainlink had fallen out of the top-10, with its position overhauled by the performances of alts such as Uniswap, Dogecoin, and Cardano. LINK’s movement in the month of April has been very inconsistent, with its price action noting a series of sharp hikes and falls one after the other.
Like the rest of the alts in the market, Chainlink too recovered by almost 17% to recuperate most of its recent losses. However, thanks to the dip in its trading volumes and the fall in bullish momentum, the alt has resorted to trading within a price range over the last few sessions.
While the mouth of Bollinger Bands was closing in to suggest that volatility was decreasing, Chaikin Money Flow was heading south as capital started to flow out of the market.
While LINK’s recent fortunes have been tied to those of Bitcoin and Ethereum, an argument can be made that LINK is wholly capable of surging on its own.
Aave [AAVE]
Source: AAVE/USD on TradingView
Over the past few months, AAVE has emerged as one of the market’s leading DeFi coins, with the alt registering a market cap of over $5.6 billion at press time. Compared to other alts, AAVE’s recovery since the market fall on the 24th has been very dramatic, with the crypto hiking by over 40% in a matter of days.
Alas, the wider market’s bearish momentum was seeping into the AAVE market now, with the last few trading sessions noting some degree of depreciation.
While MACD line was heading for a bearish crossover on the charts, Relative Strength Index was dipping away from the overbought zone to suggest that the sellers were gaining strength.
