At the time of writing, Bitcoin, the world’s largest cryptocurrency, was still struggling to recover all its losses from the depreciation seen over mid-April. It was a different story for the market’s altcoins, however. Ethereum, once again, was leading the altcoin rally, taking the likes of Ethereum Classic with it. Alas, it was Dogecoin that was grabbing the spotlight yet again.
Despite brief corrections, Ethereum, the world’s largest altcoin has more or less been on a certain uptrend over the past 30 days or so. In fact, it can be argued that the pace of the same has accelerated in the last 10 days, with ETH surging dramatically to hit yet another ATH on the charts.
This past week saw the altcoin climb by almost 40%, with the crypto now well past the much-anticipated psychological resistance of $3,000.
The scale of the aforementioned surge was evident when the crypto’s technical indicators were considered. While the mouth of the Bollinger Bands was widening to suggest that there’s room for more volatility, Awesome Oscillator’s histogram pictured a spike in market momentum.
Here, it’s worth noting that at press time, some corrections were beginning to set in on the price charts.
Many in the community were taken aback by how much Dogecoin, the market’s foremost meme-coin, hiked back in February. However, the aforementioned hikes don’t compare to the scale of the surges DOGE recorded in the month of April, with the latter seeing the alt climb to unseen levels on the price charts.
This has been the case for the last few days as well, with DOGE touching yet another ATH at the time of writing.
With Tesla’s Elon Musk scheduled to appear on Saturday Night Live on the 8th to hype up “Dogefather,” it would appear that the alt might keep climbing in the near term. When this bubble will pop, however, is a question that doesn’t have an answer right now.
Understandably, DOGE’s indicators were bullish as well. While Parabolic SAR’s dotted markers were under the price candles, Relative Strength Index was well into the overbought zone. It should be underlined, however, that the latter was yet to hit levels see in mid-April. Ergo, more upsides seemed very likely.
Ethereum Classic [ETC]
Ethereum Classic, the cryptocurrency ranked 27th on CoinMarketCap, has recovered well since the spate of 51% attacks back in August 2020. While Ethereum and the altcoin market’s general bullishness has obviously helped, local developments have also contributed to ETC positioning itself to where it is right now on the price charts. Consider this – Back in February, ETC was valued at just under $10. At press time, ETC was worth $51.56.
What makes ETC’s recent hikes even more surprising is that the same was accompanied by very inconsistent trading volumes. In fact, the alt has climbed by over 60% in the last week alone.
While MACD line was surging well above the Signal line, Chaikin Money Flow was holding steady below 0.20 to highlight the strength of capital inflows in the market.