A few days after Bitcoin’s hike on the charts spurred the rest of the altcoin market, the latter’s momentum seemed to have exhausted itself at press time. The likes of Tron, Ethereum Classic, and Zcash were prime examples, with each of these alts recording corrections after appreciating for a while.
For Tron [TRX], the last 7 days have been topsy-turvy, with a steady uptrend on the price charts followed by the altcoin losing over 6% of its value. At press time, the cryptocurrency was trading close to its local top, with more upside quite likely for TRX in the near-term. It’s worth noting, however, that the alt’s recent movements have not been backed by trading volume.
A resurgence in the same would be key to TRX sustaining its uptrend and breaching its local top.
The cryptocurrency’s technical indicators underlined the persistent bullishness in the market, despite its recent price depreciation. For instance, while the Parabolic SAR’s dotted markers were well below the price candles, the Chaikin Money Flow was holding steady above zero.
The popular altcoin was in the news recently after it was revealed that TRX’s DeFi ecosystem exceeded $5.7 billion in terms of Total Value Locked.
Ethereum Classic [ETC]
Ethereum Classic, the 60th-largest cryptocurrency on CoinMarketCap, has fallen steadily down the rankings charts over the past few months, with its position overhauled by a host of other better-performing altcoins. On the price front, however, ETC, at press time, was doing much better than it was for much of 2020.
And yet, recent corrections have left ETC some way away from its mid-February heights. A sustained uptrend on the charts would be needed before the altcoin can touch these levels again.
According to its indicators, however, that seemed unlikely, especially since the Bollinger Bands were closing in on the price and underlined low near-term volatility, the MACD line was intertwined with the Signal line.
The cryptocurrency was in the news last week after it was revealed that Grayscale bought over 80k ETC to go along with its LTC and BCH purchases.
Zcash, one of the crypto-market’s leading privacy coins, was at the end of some very inconsistent price movement over the last 7 days. While ZEC did hike by some 22% in the span of 4 days, at press time, some corrections were due. However, it seemed unlikely that the corrections would have a major effect on the alt’s price fortunes, especially since these corrections were fairly minor in nature.
This notion was backed by the crypto’s technical indicators too. The MACD line continued to climb over the signal line following a brief clash on the charts while the Awesome Oscillator was flashing some green signals.
Like Monero and Dash, ZEC too has been hesitant in its price movement over the last few months owing to the uncertainty associated with regulators and exchanges clamping down on privacy-centric cryptos.