Ordinarily, Bitcoin’s price performance on the charts will be mirrored by the many altcoins in the market. However, off-late, that hasn’t been the case. Despite many alts noting corrections over the past few days, not every alt got the memo, with the likes of XRP and Dogecoin climbing, while LINK continues to correct.
XRP, formerly the fourth-largest cryptocurrency in the market, had been on a gradual downtrend on the charts since the day before Bitcoin’s halving in May. However, at the time of writing, this trend seemed to have stalled, if not completely reversed, with XRP noting gains of over 2% on the back of a 3.4% fall, all over a period of 1 week. At press time, XRP was trading at a price that was equidistant from both its resistance and support levels.
XRP’s indicators shared the positive news; while Parabolic SAR suggested bullishness in the market, MACD line was just hovering above the Signal line, keeping the possibility of a bearish crossover at bay.
XRP’s price movement comes on the back of news that revealed that the number of merchants accepting XRP all over the world had grown by 46% since the end of 2019.
Unlike XRP, LINK has been one of the market’s best-performing cryptocurrencies over the past 6-8 months, with the crypto noting YTD gains of over 200%. However, unlike XRP, LINK was registering steep corrections on its charts, corrections that follow an exponential hike that saw LINK surge by 21% in the few days preceding it. It should be noted, however, that despite the degree of correction in LINK’s price, the crypto is expected to maintain a healthy price action.
This assertion is backed by LINK’s indicators. Bollinger Bands remained wide, despite some contraction, and implied major price volatility; Relative Strength Index, while dipping, was still close to the overbought zone.
While LINK has been the star of the year, a recent report had claimed that it was overpriced and would fall by 99%, adding that Chainlink is “crypto’s Wirecard.”
Dogecoin, the market’s favorite meme-coin, was on its way down after a TikTok video challenge saw the cryptocurrency pushed to exponential heights on the charts. However, this steep fall seemed to have reversed itself at press time, with DOGE noting a spike of 22% on the charts on the back of a 24% fall.
How DOGE does over the next few weeks will shed more light on claims that Dogecoin in no more just a meme cryptocurrency.
Awesome Oscillator observed that momentum in the Dogecoin market was subsiding; Chaikin Money Flow was holding firm around 0.10, hinting at healthy capital inflows.