The crypto-market’s general bearishness over the past week was made worse by the performance of Bitcoin and Ethereum, two of the industry’s biggest altcoins. Thanks to the two, the likes of Ethereum Classic and VeChain continued to fall on the charts. Even MATIC, on the back of an exponential hike in the month of May, was seen depreciating at press time.
Ethereum Classic [ETC]
Ethereum Classic, the altcoin ranked 18th on CoinMarketCap, has been at the end of a sharp downtrend on the charts since the second week of May. In fact, the said downtrend came on the back of the alt climbing to hit a new ATH of $167.
The same, however, has gathered more steam over the past week or so, with ETC falling by over 25% in the said period. At press time, while ETC was still trading at its early-May levels, it’s worth noting that the altcoin was over 50% away from its aforementioned ATH.
Ethereum Classic’s technical indicators were leaning towards the market’s bears. While the mouth of Bollinger Bands was holding steady to point to some degree of price volatility, MACD line was just under the Signal line, with both observed to be below the histogram. A bullish crossover in the latter would be crucial to ETC hiking to its ATH levels once again.
Despite recent corrections, ETC, at press time, was well above its initial price projections for the year. In fact, a few weeks ago, Donald McIntyre had predicted that the alt will hit $94 on the back of ETH hitting the $3000-mark.
During a month that has seen much of the crypto-market correct significantly, MATIC has been an anomaly. In the last week alone, while the rest of the market’s altcoins were falling down the charts on the back of BTC’s depreciation, MATIC hiked by almost 50% in less than 24 hours. In fact, at the time of writing, MATIC, now the 17th-largest crypto in the market, was recording astonishing YTD returns of 10,976%.
The altcoin, however, wasn’t completely immune to market corrections, with the last few trading sessions seeing MATIC fall and lose over 13% of its value.
MATIC’s aforementioned resurgence on the charts was backed by the crypto’s trading volumes gathering steam lately. A revival in the same could be key to such corrections being stalled in its tracks.
Despite the same, the altcoin’s technical indicators remained very bullish. While Parabolic SAR’s dotted markers were under the price candles, Relative Strength Index was holding steady after dipping below the overbought zone.
According to one analysis, MATIC could be the best bet for those looking for short-term and long-term ROIs.
Like Ethereum Classic, VeChain has been on a downtrend since the second week of May, with the altcoin having hit an ATH of its own back in April. At the time of writing, VET’s rate of depreciation had accelerated somewhat on the back of Bitcoin’s fall below $40,000, a fall somewhat precipitated by China reiterating an old ‘ban’ on Bitcoin and speculative trading.
In fact, VET fell by almost 15% in less than 20 hours of the news breaking out.
Understandably, this had a corresponding effect on the crypto’s technical indicators: while Awesome Oscillator’s histogram pictured a resurgence in bearish market momentum, Chaikin Money Flow dropped sharply to touch zero as capital outflows gained strength.