With Bitcoin, the world’s largest cryptocurrency, finally registering some corrections on the charts after days of breaching resistance levels, the market’s altcoins reciprocated. Cryptos like Tezos and Monero depreciated as BTC fell below $40,000 at press time. However, such movement wasn’t universal despite a significant correlation with BTC, IOTA continued to pump on the charts.
Tezos [XTZ] has enjoyed a largely topsy-turvy price movement on the charts over the past few months. While XTZ has seen brief hikes at steady intervals, its market has also been punctuated by a series of sharp corrections. At the time of writing, it would seem that Tezos was registering something of the same sort again.
After climbing by over 33% on the back of Bitcoin’s breach of $38,000 and later, $40,000, XTZ corrected itself to fall by almost 8%. However, at press time, the question of whether this suggested a reversal in trend could not be answered.
Tezos’s indicators, however, continued to give bullish signs as the Parabolic SAR’s dotted markers were well below the price candles, the Chaikin Money Flow was near 0.10 and underlined the volume of the capital flowing into the market.
Tezos was in the news recently after it was revealed that Nisbah Capital would be the latest to join its ecosystem as a corporate baker, the first from the Middle East.
The crypto-market’s leading privacy coin, Monero was ranked 16th on CoinMarketCap’s charts, at press time, with a market cap of over $2.5 billion. Like Tezos, Monero too hiked on the back of Bitcoin’s performance. Unlike Tezos, however, most of XMR’s gains were recorded towards the end of 2020 and not in 2021. In fact, in the week after Christmas, the cryptocurrency fell by over 20% on the charts.
At the time of writing, Monero was yet to reclaim its mid-December levels, with XMR failing to tag along as Bitcoin climbed to breach the $40,000-level.
Thanks to the volatility in the privacy coin’s market over the past few weeks, the mouth of the Bollinger Bands, understandably, was very wide. This suggested that more near-term volatility may be incoming. Further, thanks to the aforementioned drop in Monero’s price, the Relative Strength Index was also close to the oversold zone after skirting the overbought zone for a very long time.
Compared to the aforementioned crypto-assets, IOTA’s price performance has been remarkably bullish. While the likes of Tezos and Monero noted some corrections after their hikes exhausted themselves, at the time of writing, this wasn’t the case for IOTA. In fact, on the back of BTC’s performance in 2021, IOTA surged by over 45% in just one week.
The scale of the hike was evident when IOTA’s technical indicators were observed as the MACD line was surging over the Signal line, the Awesome Oscillator noted a sharp uptick in market momentum, with the histogram flashing green at press time.
IOTA was in the news recently after Founder David Sønstebø claimed that his acrimonious exit from the IOTA Foundation had been grossly exaggerated.