Corrections were the norm across the altcoin market, at press time, with the Bitcoin-precipitated depreciation event having a significant effect on the performances of cryptos such as Ethereum, Chainlink, and Nano.
Ethereum, the world’s largest altcoin, has led the altseason over the past few months on the back of an exponential hike on the charts. In fact, with ETH breaching the $4,000-level recently, there has also been talk of the altcoin possibly flipping Bitcoin in the near future. At the time of writing, however, ETH was following BTC’s lead and correcting its value.
In fact, following a 30% surge in less than 5 days, ETH fell by almost 10% in less than 24 hours. Here, it’s worth noting that corrections were long overdue for the altcoin. Ergo, its latest depreciation might not necessarily mean a trend reversal.
While the Parabolic SAR’s dotted markers were predominantly below the price candles, the Relative Strength Index registered a sharp drop following a long foray in the overbought zone.
Despite the said corrections, quite a few factors remain in play when it comes to Ethereum’s performance.
Compared to the rest of the altcoins in this article, NANO was ranked a lowly 84th on CoinMarketCap’s charts at press time. It is, however, in the news today after it surged by over 60% in 3 days, with the same pushing the alt well above a value of $13. It’s worth noting, however, that NANO remains well off its ATH, a level it last touched over 3 years ago.
The scale of the incoming bullishness was represented by the crypto’s indicators as while the Chaikin Money Flow noted a sharp spike and headed towards zero, the Awesome Oscillator pictured an uptick in market momentum.
For Chainlink, the altcoin ranked 13th on CoinMarketCap’s charts, the month of May came at a good time. On the back of steady growth in March and April, May saw the alt hike significantly, with LINK climbing by over 24% in 5 days. Thanks to Bitcoin, however, this wasn’t to last, with the altcoin losing over 20% of its value in over 48 hours. Chainlink’s price performance wasn’t helped by Ethereum noting corrections of its own either.
While the mouth of the Bollinger Bands was fairly divergent to indicate price volatility, the MACD line dipped across the Signal line following a bearish crossover on the charts.
According to many, recent corrections notwithstanding, LINK remains one of the most popular altcoins in the top-25 thanks to a host of other factors coming into play.