Thanks to Bitcoin’s performance over the past 10 days, many of the market’s altcoins noted sharp upticks recently. However, that wasn’t to last as the world’s largest cryptocurrency continued to consolidate on the charts under the $19k-mark, many alts fell after a correction wave hit them. While some like VeChain continued to record gains over a weekly basis, other cryptos like Ethereum and Cosmos saw mixed fortunes.
Ethereum [ETH]
Source: ETH/USD on TradingView
Ethereum, the world’s largest altcoin, has been brimming with optimism lately. Not only did the cryptocurrency surge on the back of Bitcoin’s own hike, but the community also welcomed the launch of the Ethereum 2.0 Beacon Chain on the 1st of December. However, despite these updates, ETH’s price fortunes haven’t been the best lately.
Days after ETH surged to levels unseen since June 2018, ETH fell by 8.6% on the charts as corrections ensued. Despite these corrections though, the larger market sentiment remained on the bullish side, at press time.
This was evidenced by Ethereum’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles the Relative Strength Index was hovering near the overbought zone.
Cosmos [ATOM]
Source: ATOM/USD on TradingView
Cosmos [ATOM], the cryptocurrency ranked 26th on CoinMarketCap’s charts, has seen topsy-turvy movement over the past few months. Despite such volatility, however, ATOM has been unable to hit the highs it last saw back in August. While ATOM’s investors did hope to see the cryptocurrency surge when the rest of the market did, the crypto disappointed. In fact, ATOM was down by almost 15% in the last 10 days alone.
ATOM’s movement on the charts was underlined by the findings of its technical indicators. While the Bollinger Bands were dropping slightly south, the MACD line crept under the Signal line following a bearish crossover.
Cosmos was in the news a few weeks ago after Celo gave Chorus One a grant to build a bridge to facilitate interoperability between Celo and Cosmos.
VeChain [VET]
Source: VET/USD on TradingView
Popular altcoin VeChain, like ATOM, has seen a lot of sideways movement in the months gone by, despite a host of updates on the developmental side. Thanks to the general bullishness in the market triggered by Bitcoin’s movement over the past week, VET finally surged on the charts, with the crypto up by over 20% on the weekly timeframe. This was a healthy hike, especially since most of the market soon saw corrections after the aforementioned bullishness had passed.
While the Awesome Oscillator underlined the momentum in the market, the Chaikin Money Flow was holding steady under 0.20, a sign of capital inflows being greater than capital outflows.
VeChain’s development of a blockchain-based medical solution was recently adopted by a service provider based in Cyprus.
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