Bitcoin’s correlation with the industry’s altcoins is one of the crypto-market’s long-standing certainties. As has often been the case, the market’s altcoins have often taken BTC’s lead to chart their price actions. At the time of writing, however, this wasn’t the case.
In fact, for the likes of Polkadot, Ethereum Classic, and VeChain, this hasn’t been the case for the past week or so.
Polkadot, the cryptocurrency ranked 8th on CoinMarketCap, has been one of the few alts to hike exponentially over the past week despite BTC’s mostly sideways performance on the price charts. In fact, DOT rose by over 42% inside a week, with the alt recording its ATH recently too.
While DOT has been hit by BTC’s movements in the past, with the rest of the altcoin market rallying with it, Polkadot is likely to continue on its uptrend in the near-term. It’s worth noting, however, that some corrections seemed to be setting in at press time.
DOT’s bullish projections were highlighted by the observations of its technical indicators as while the Parabolic SAR’s dotted markers were well under the price candles, the MACD line was surging above the Signal line.
Polkadot’s press time movement also seemed to be in line with what was projected a few days ago by a previous analysis.
The altcoin was in the news recently after ICONs’ blockchain core developers integrated with DOT’s ecosystem.
Ethereum Classic [ETC]
Like Polkadot, Ethereum Classic too has seen significant price appreciation over the last 7-10 days. In fact, despite some corrections, ETC was quick to hike again on the charts. That being said, the big question will be whether ETC’s uptrend can be sustained over the long run.
For the majority of 2021, ETC’s price action has been very inconsistent, with spurts in its price often followed by a series of brief falls.
In the near-term, however, ETC looked pretty bullish at press time. While the mouth of the Bollinger Bands was diverging to point to some incoming price volatility, the Awesome Oscillator registered a sharp uptick in positive market momentum.
Despite ETC’s lack of a sustained uptrend, it’s worth noting that Grayscale’s Ethereum Classic assets under management were valued at over $158M, at press time.
Like Polkadot before it, VeChain too registered its ATH on the charts only recently, with the same pushing the alt up CoinMarket’s charts with a rank of 20th. In fact, VET has been climbing the charts since the month of March began, with the alt seeing a lot of sideways movement in the months of January and February.
It should be noted, however, that while VET did hike by over 24% in one week, the uptick in value wasn’t accompanied by spikes in trading volume.
The bullishness in VeChain’s market was evidenced by the findings of its indicators as while the Chaikin Money Flow had risen again towards zero, the Relative Strength Index continued to skirt the overbought zone on the charts. According to a recent analysis, VET has quite a few support levels that will stop a breakdown in the altcoin’s price.
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