The overall cryptocurrency market has been witnessing a push and pull from its traders. In the case of the world’s largest cryptocurrency Bitcoin, its value has continued to inch closer to the $20k level and can be seen to have an impact on altcoins like Ethereum, Tezos, and FTX Token.
Ethereum has been moving between $582 and $594 over the past couple of days and although the digital asset broke under this range, the coin was quick to recover. At press time, after a sudden boost from $585, the coin peaked at $596 and has been falling since.
This sudden boost in its value has managed to reverse a bearish trend to a bullish one. This trend reversal was visible through the MACD indicator as its value was pushed above the zero-line with the MACD line overtaking the signal line. This indicated that the short-term trend was catching up in the market.
The hourly chart of Tezos was noting a rise in volatility in the market. This rise was indicated by the divergence of the Bollinger Bands. The boost in volatility was a result of the rising price of XTZ throughout 16 December. Even though there was a minimal sell-off, the price that opened at $2.23 today, was currently at $2.25.
The surge also switched the prevalent trend in the market to a bullish one. The signal line of the Bollinger Bands was cruising above the price bars, but the boost in price pushed it under the price candles, indicating a significant uptrend.
FTX Token [FTT]
FTT’s price had been appreciating over a longer time frame. However, it also began to move within a $4.5 and $4.6 range in the last couple of days. The boost on Wednesday pushed the value of the digital asset above its immediate resistance and is currently being traded at $4.666.
This bullishness of price has seeped in the market and was visible through the Awesome Oscillator indicator. The indicator was above the zero-line and was noting a rise in momentum.