Thanks to Bitcoin’s recovery run and its latest effort to breach the $60k-level, the rest of the altcoin market was climbing too. However, some signs of exhaustion could be seen too, with the likes of Tezos, Basic Attention Token, and Tezos recording some corrections over the past 24-48 hours.
Tezos has had a good few weeks, with the altcoin hitting a new ATH on the charts just recently. However, its performance has been overshadowed by that of its fellow alts, with Tezos ranked all the way down at 35th on CoinMarketCap. The month of March saw XTZ at its inconsistent best, with the cryptocurrency noting a series of brief hikes followed by sharp falls.
The same was the case over the past two days, with the altcoin dipping by over 6% on the back of an uptrend that saw the crypto recover from the market-wide depreciation on the 25th.
While the dotted markers of the Parabolic SAR were well place above the price candles, the MACD line was creeping below the Signal line on the charts.
The altcoin’s latest movement was in complete opposition to what was expected a few days ago, a time when the alt was on a sharp uptrend.
Tezos was in the news recently after France’s Lugh.io launched a Tezos-based stablecoin.
Basic Attention Token [BAT]
Brave browser’s native crypto, Basic Attention Token, like Tezos before it, was at the end of a correction wave at press time, with a brief recovery following suit. The said corrections came on the back of BAT climbing by over 9.5% on the charts, a hike that pushed the value of the crypto closer to its local top.
It’s worth noting, however, that BAT’s latest price action was backed by very minimal trading volume.
The Bollinger Bands on BAT’s charts were holding their width, a finding indicative of some degree of price volatility. However, the Awesome Oscillator pictured some negative momentum, with the histogram flashing bearish signals.
The altcoin’s movements can also be interpreted to be an extension of the descending triangle seen on the crypto’s charts a few days ago.
Zcash, one of the crypto-market’s premier privacy coins, climbed by over 30% in just under 5 days to recover all of its previous losses. At press time, however, the altcoin’s prevailing bullish momentum had stalled, with the crypto yet to breach its local top on the charts. It’s worth noting, however, that the trading volume noted a surprisingly significant spike a few sessions ago, something that might indicate more market activity to come in the near-term.
The same was supported by the findings of BAT’s technical indicators as while the Relative Strength Index was skirting the overbought zone on the charts, the Chaikin Money Flow was holding firm above 0.20 to underline the strength of capital inflows.
The altcoin was in the news today after a report revealed that several cryptos, including the likes of Bitcoin and Zcash, remain popular among terrorists based in Idlib.