Bitcoin’s market dominance was on display over the past 10 days after the larger crypto-market rallied on the back of BTC’s performance on the price charts. Thanks to the high correlation most of the market’s alts share with BTC, the former, by and large, pumped. Despite some degree of corrections setting in, at the time of writing, the likes of Tron, Synthetix, and Crypto.com Coin continued to register gains on a weekly basis.
Tron [TRX], once a regular on CoinMarketCap’s top-10, was languishing in the 18th position, at the time of writing. Thanks to its high correlation with the world’s largest cryptocurrency, TRX rose on the charts following 10 days of price corrections. In fact, TRX hiked by over 14% in the last week alone. While the said hike did come at a good time for the cryptocurrency, TRX was still trading at levels well below the ones seen in September.
Further, TRX was also well below its immediate resistance, a level last touched following its previous pump towards the end of November.
While the Bollinger Bands were holding their width to retain some degree of volatility in the market, the Relative Strength Index was mediating between the oversold and overbought zones on the charts.
Tron was in the news a few weeks ago after Justin Sun revealed that wrapped ETH was available on the Tron Network.
The eighth-largest DeFi token by market capitalization, Synthetix has had a topsy-turvy last few months. While SNX did hit new highs in the month of August, its performance since then hasn’t replicated that form. In fact, SNX’s charts since then have seen a series of hikes and corrections. The recent pump on the back of Bitcoin’s performance was just the latest one, with SNX climbing by 22% over the week.
Despite corrections setting in at press time, SNX was still trading close to its resistance level, with SNX registering YTD returns of 702%, at press time.
While the Parabolic SAR’s dotted markers were observed to be well under the price candles and highlighted the market’s bullishness, the Awesome Oscillator noted a slight uptick in market momentum.
Crypto.com Coin [CRO]
Suggesting that Crypto.com Coin’s price movements over the course of 2020 have been topsy-turvy would be an understatement. After months of climbing consistently on the charts, CRO fell dramatically in the month of October, with the cryptocurrency losing almost 55% of its value in a matter of 30 days. And while CRO was able to arrest this depreciation from getting any worse, the crypto was still trading at levels way below the ones noted in Q3 of 2020.
While Bitcoin’s recent hike did help push CRO’s value by over 13% in a week, a sustained reversal in market trend is unlikely to come true.
The MACD line had crept above the Signal line on the back of CRO’s recent movements and the Chaikin Money Flow was holding steady around 0.20, a sign of capital inflows being greater than capital outflows in the market.