Thanks to the altcoin market’s traditionally high correlation with Bitcoin, the likes of Chainlink, Cosmos, and Dash have often been too quick to follow the lead of the world’s largest cryptocurrency. The same was the case recently after BTC dropped from its ATH above $60,000 to touch $52,000 on the price charts.
However, while some recovery was afoot for Bitcoin at press time, not all alts were following suit.
Chainlink, the altcoin ranked 10th on CoinMarketCap, has fallen on the rankings chart over the past few weeks, with the likes of Cardano, Binance Coin, and Uniswap all overtaking it. It should be noted, however, that it was only weeks ago that LINK registered its own ATH on the charts. Like most of the market, LINK too fell on the back of a BTC-fueled depreciation, with the crypto falling by almost 10% in the span of 48 hours.
At the time of writing, while the aforementioned fall had been arrested, LINK was yet to recover most of its losses. Instead, the altcoin was consolidating its press time position.
The sketchiness of the crypto’s position was underlined by the alt’s technical indicators as while the Parabolic SAR’s dotted markers were well above the price candles, the Chaikin Money Flow was just touching zero after a brief foray into the negative zone.
Ranked 21st on CoinMarketCap, Cosmos has registered quite a topsy-turvy movement over the past few weeks. The same was evidenced by its price action over the last 7 days, with ATOM recovering somewhat following the price corrections around the 13th and 14th of March. Contrary to LINK, ATOM gained by over 10% as BTC recovered on the charts, despite corrections setting in again at press time.
Here, it’s also worth noting that the aforementioned hike was accompanied by a spike in trading volume.
While the mouth of the Bollinger Bands was widening to indicate some near-term price volatility, the MACD was hovering above the Signal line and underlined the bullish strength in the market.
One of the crypto-market’s leading privacy coins, Dash too wasn’t immune to the Bitcoin-precipitated market-wide depreciation over the past week. In fact, on the back of the same, Dash fell by over 11.5% on the price charts. At press time, however, some recovery was afoot, despite the crypto not recovering all of its losses.
Dash’s technical indicators were leaning slightly towards the bullish side. While the histogram of the Awesome Oscillator was picturing the formation of green candles, the Relative Strength Index was holding steady around the 45-mark.
Here, it’s worth noting that if Bitcoin falls again, a sharper fall on the charts may be underway for Dash.
Dash was in the news recently after it launched an Ethereum DeFi bridge via its partnership with Stakehound.