Is the alt season finally here? That’s a tricky question to answer right now. While yes, much of the altcoin market is hiking on the charts, most alts are doing so on the back of Bitcoin’s own surge. However, it was still unclear whether the rest of the market would be able to sustain its uptrend if BTC’s price comes to a grinding halt. At press time, BTC was trading at $46,726 with a 24-hour trading volume of $53.9 billion.
Corresponding to the world’s largest cryptocurrency’s performance, the likes of Polkadot, EOS, and Dash were quick to climb up the charts.
The crypto-market’s sixth-largest cryptocurrency DOT has surged up the rankings lately. In fact, over the course of the past few months, DOT has left the likes of Litecoin, Bitcoin Cash, Bitcoin SV, and EOS behind it on the charts.
DOT’s price performance gained a lot of impetus towards the last week of December, with BTC’s performance since allowing DOT to sustain its movement over the past few weeks. In fact, in the last 7 days alone, DOT has climbed by over 27%, with the crypto registering YTD returns of 198%.
Polkadot’s technical indicators flashed increasingly bullish signals too as the mouth of the Bollinger Bands was widening to highlight near-term price volatility, the Chaikin Money Flow was holding steady above zero, despite pointing south.
It was in the news recently after Binance Labs led a Series A funding round for Polkadot-based smart contract platform, Plasm Network.
EOS, once one of the crypto-market’s mainstays, has fallen significantly on the rankings over the past year. However, like DOT, the last few weeks have been very bullish and productive for the cryptocurrency. Ranked 17th on CoinMarketCap, EOS surged by over 50% in the last 7 days, with the crypto now trading at a level last seen back in February 2020.
Here, it should also be noted that EOS’s aforementioned hike was backed by substantial trading volume.
The bullishness in the crypto’s recent performance was evidenced by its technical indicators as the Parabolic SAR’s dotted markers were well below the price candles, the MACD line was hovering well above the Signal line on the charts.
The cryptocurrency was in the news recently after pNetwork announced that it would be launching wrapped EOS on Ethereum.
Dash, the popular privacy-centric coin, has surged by almost 50% on the charts in the last week. Thanks to the aforementioned hike, the crypto was trading at a level last seen months ago, at the time of writing. However, it was still unclear whether the crypto would be able to sustain its uptrend in the long-term.
While the Relative Strength Index was still in the overbought zone, it was pointing south, suggesting that the crypto’s positive momentum may be stalled somewhat in the near-term. On the other hand, the Awesome Oscillator was registering an uptick in bullish market momentum.