The last few days haven’t been great for most of the crypto-market, with many of the industry’s altcoins seeing red on the charts, having failed to build on the impetus provided by Bitcoin’s price movement. While hikes were momentary, subsequent corrections have been significant in the cases of Bitcoin Cash, Tron, and Cosmos.
Bitcoin Cash [BCH]
Source: BCH/USD on TradingView
Bitcoin Cash’s price movements over the last few weeks have been wildly inconsistent, with the cryptocurrency peaking to touch its local top twice, before falling to trade at its previous levels each and every time. The same was the case over the previous week as BCH did climb by 12.6% to touch the aforementioned level, but was quick to depreciate by over 21% to trade at its mid-December levels again.
The price movements of Bitcoin’s popular fork were also observed to have been accompanied by strong trading volumes.
The starkness of the volatility in BCH market was highlighted by the cryptocurrency’s technical indicators as Parabolic SAR’s dotted markers were above the price candles following a brief foray below them. Chaikin Money Flow was dipping again after having recovered to touch zero, a sign of capital outflows being greater than capital inflows.
BCH’s recent performances have contributed to many in the community being bullish about its price fortunes, with Kim Dotcom being one of them.
Tron [TRX]
Source: TRX/USD on TradingView
Tron [TRX] was once one of the mainstays in the top-10 of the cryptocurrency market. However, that isn’t the case anymore, with TRX ranked 18th on CoinMarketCap’s charts. Unlike Bitcoin Cash, TRX’s price movements have been more or less sterile, with the cryptocurrency registering some volatility only toward the later half of November and December. At the time of writing, while some recovery seemed to be underway, TRX had still fallen by over 20% in a week’s time.
Accompanied by minimal trading volume, the mouth of Bollinger Bands was expanding to suggest more incoming volatility; Relative Strength Index was treading quite close to the oversold zone on the charts.
The cryptocurrency was in the news recently after the Tron Foundation filed a motion before a New York District Court, requesting the dismissal of an ICO lawsuit.
Cosmos [ATOM]
Source: ATOM/USD on TradingView
A look at ATOM’s price charts revealed a striking similarity to the movements registered by Tron [TRX]. Like Tron, Cosmos too fell by over 20% over the week, with the cryptocurrency trading close to its support level on the charts.
However, the question of whether a trend reversal is on the cards remained a difficult one to answer as MACD and Signal lines were intertwined with each other below the histogram, and Awesome Oscillator pictured very minimal market momentum.
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