Bitcoin faces profit-taking, but 4 reasons why BTC’s rally isn’t over yet!
While quite a few altcoins have been climbing on the charts lately, their performances remain linked to that of Bitcoin, the world’s largest cryptocurrency. The same was the case at press time, with the likes of EOS, Ethereum Classic, and Uniswap continuing to recover on the charts following the market dip on 24th-25th March.
EOS
Source: EOS/USD on TradingView
Bitcoin fell from above $57,000 to $51,000 less than a week ago, with the rest of the market following its lead soon after. Thanks to its recovery since, however, the altcoin market has been recuperating too, with EOS among them.
EOS, once one of the regulars in the crypto-market’s top-10, was ranked 29th, at the time of writing. The altcoin, following a 5% hike in the last 36 hours, had recovered its losses on the price charts, with the crypto well-positioned to breach its local top in the near-term. It should be noted, however, that the altcoin’s technical indicators told very different stories.
While the Parabolic SAR’s dotted markers were well below the price candles and underlined market bullishness, the Chaikin Money Flow was touching -0.20 to suggest that capital was still flowing out of the market.
EOS was in the news recently after Effect network, its biggest DeFi project, switched to the Binance Smart Chain citing ‘unfulfilled promises.’
Ethereum Classic [ETC]
Source: ETC/USD on TradingView
Ranked 70th on CoinMarketCap, Ethereum Classic, like EOS before it, recovered all its gains on the price charts, with the altcoin hiking by over 7% in the last 36 hours. It should be noted, however, that ETC at press time was still some way away from its local top. Also, ETC’s recent movements have been backed by very weak trading volumes, with the crypto likely to change direction if there is a sudden spurt in the same.
The latest bullishness in the market was underlined by the crypto’s technical indicators as while the MACD line was well above the Signal line, the Relative Strength Index was skirting the overbought zone, a finding indicative of the strength of the market’s buyers.
Despite its falling position on the charts, ETC remains popular among many, with the alt among the cryptos being accumulated by digital assets manager Grayscale.
Uniswap [UNI]
Source: UNI/USD on TradingView
The crypto-market’s biggest DeFi token, Uniswap has had a topsy-turvy March, with UNI trading at a level well below the ones seen in the second week of the month. Like the alts before it, UNI too has been appreciating lately, with the crypto climbing by over 5% on the charts. It’s worth noting, however, that at press time, some corrections were starting to set in. How UNI does over the next few trading sessions would be key to assessing the strength of the market’s bulls.
While the mouth of the Bollinger Bands was holding its width at press time, the Awesome Oscillator registered a brief uptick in bullish momentum to correspond to the hike in the crypto’s price on the charts.
UNI has been one of the industry’s hottest properties over the past few months, with the alt recently generating more fees than Bitcoin over a 24-hour timeframe. It was in the news recently after it was announced that V3 would be launched on Ethereum’s mainnet by May.
