While an alt season might eventually dawn upon the market, the reality is the industry’s alts continue to be sorely correlated to the price fortunes of the world’s largest cryptocurrency, Bitcoin. This was the case over the past few days as well. When BTC fell, so did the rest of the market. With the cryptocurrency hiking above $56,000 once again at press time, alts like Cardano, BAT, and VeChain are climbing too.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano, the market’s fifth-largest cryptocurrency by market cap, has had a good 2021, with the altcoin climbing to touch its ATH less than a week ago. Since then, however, major corrections have swept in, with ADA on a downtrend on the price charts. Bitcoin’s depreciation on the 22nd only made the downtrend worse, with the alt falling by over 7.67%.
At the time of writing, however, some recovery was underway to correspond with BTC’s own recovery. In fact, the cryptocurrency was noting YTD returns of over 560% too.
A sustained recovery effort is crucial to ADA’s indicators flashing green signals once again. At press time, while the Parabolic SAR’s dotted markers were above the price candles and highlighted bearishness, the Chaikin Money Flow was consolidating steadily under zero after a brief uptick.
The altcoin was in the news recently after IOHK’s Charles Hoskinson called out Ethereum supporters calling Cardano a “ghost chain.”
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Brave browser’s native token, BAT, like Cardano before it, registered its ATH on the price charts less than a week ago. Like ADA, BAT too has been on a downtrend since, with the crypto falling by over 11% on the back of BTC-precipitated corrections on the 22nd.
At press time, however, some efforts to regain lost losses were underway on BAT’s charts, with the last two price candles flashing green.
The same was underlined by the altcoin’s technical indicators as while the mouth of the Bollinger Bands continued to hold steady to project a degree of near-term price volatility, the Awesome Oscillator pictured an uptick in positive market momentum.
BAT made news after Grayscale revealed that one of its latest trusts will be based on Basic Attention Token.
VeChain [VET]
Source: VET/USD on TradingView
VeChain, the cryptocurrency ranked 19th on CoinMarketCap’s charts, like Cardano and BAT, only recently posted a new ATH on the charts. Like the two, VET too fell when the rest of the market did, with the altcoin down by almost 15% in the 24 hours immediately after. The said depreciation had been previously highlighted by another analysis.
Thanks to the market-wide appreciation in price, VET was once again hiking at press time, with the crypto up by over 7.5% in just 12 hours. That being said, it was still too soon to say whether VET would be able to sustain a trend reversal and register higher ATHs.
While the MACD line continued to move well below the Signal line, the Relative Strength Index was climbing towards the overbought zone as the number of buyers rose across the market.
