Chainlink, Ethereum Classic, Decred Price Analysis: 12 February
It’s been a good few days for the crypto-market, with its price fortunes given an impetus a few days ago by the news of Tesla’s $1.5 billion purchase of Bitcoins. Following the same, the world’s largest cryptocurrency pumped on the charts, and thanks to BTC’s correlation with the rest of the market, the altcoin market surged too. The examples of Chainlink, Ethereum Classic, and Decred were a case in point.
Chainlink, the industry’s 9th-largest cryptocurrency by market cap has had a great start to 2021, with the token surging exponentially on the charts over the past few weeks. In fact, since the year dawned, LINK has been registering one ATH after the other, with the crypto very close to the much-anticipated $30-mark, at the time of writing.
In the last 7 days alone, the cryptocurrency has climbed by over 14% on the charts, with LINK recording YTD returns of 130%.
The bullishness in the crypto’s market was highlighted by the Parabolic SAR, with the indicator’s dotted markers well below the price candles. On the contrary, the Chaikin Money Flow was heading south, a sign of capital outflows gaining some strength.
It should be noted, however, that other indicators seem to be highlighting positives for Chainlink as well. LINK’s price/NVT Signal comparison, for instance, suggested that the crypto was registering a clear bullish signal for the 13th straight month.
Ethereum Classic [ETC]
Ethereum Classic, the popular altcoin ranked 51st on CoinMarketCap’s rankings, has come a long way since the price depreciation that followed the series of 51% attacks back in August 2020. Since then, the alt’s price has recuperated with the same even surging at times. The latter was the case over the past week or so, with ETC hiking be over 40% in the aforementioned time period.
Valued at $11.91 at press time, ETC was trading at a level last seen in February 2020.
Ethereum Classic’s technical indicators provided evidence of the bullishness in the crypto’s market. While the mouth of the Bollinger Bands continued to expand to make way for incoming price volatility, the Awesome Oscillator’s histogram was noting an uptick in positive market momentum.
A few weeks ago, Wrapped ETC tokens were first listed on the likes of Uniswap and Sushiswap.
Like Ethereum Classic, Decred too has hiked considerably over the last few weeks, with DCR registering a price appreciation of almost 39% in the last 7 days. Priced at $105, however, the crypto was still some way away from its ATH of $129.37, at press time.
As far as Decred’s technical indicators were concerned, while the MACD line was holding its position well above the Signal line, the Relative Strength Index was keeping steady in the overbought zone. If the RSI, however, decides to move south, the crypto’s uptrend on the charts might come to a halt.