These are bullish times for the cryptocurrency market. Not only is Bitcoin, the world’s largest cryptocurrency, breaching new ATHs by the day, but the altcoin market is reciprocating as well, with the market’s top alts all recording significant gains on the charts. Cardano, IOTA, and DigiByte were few of the alts to note a price rise on the back of Bitcoin’s bullish performance.
Cardano [ADA]
Source: ADA/USD on TradingView
The crypto-market’s eighth-largest cryptocurrency at press time, ADA was one of the market’s many altcoins to pump on the back of BTC breaching the levels of $20,000, $21,000, and $22,0000 to hit new ATHs. The altcoin’s latest hike came at a good time for the cryptocurrency since it came following a series of corrections on the price charts. At the time of writing, ADA was up by over 19.6% in a week, with the cryptocurrency trading at levels last seen in August 2018.
Despite ADA’s performance on the charts, its technical indicators gave very mixed signals. While the Parabolic SAR’s dotted markers were well below the price candles and denoted bullishness, the Chaikin Money Flow was sharply dipping towards zero, a sign of capital outflows gaining strength.
Registering YTD returns of almost 400% at the time of writing, Cardano was in the news recently after it collaborated with Nervos to improve smart contract security.
IOTA
Source: IOTA/USD on TradingView
Once one of the mainstays at the top of the crypto-ladder, IOTA has fallen dramatically since, with the cryptocurrency now ranked 31st on CoinMarketCap’s charts. Like Cardano, IOTA too noted a significant hike on the charts after it pumped by almost 20% over the week. While the said hike in price wasn’t as significant as the one registered by the cryptocurrency towards the end of November, IOTA was still trading at its September price levels.
As far as IOTA’s technical indicators were concerned, while the Bollinger Bands’ width remained uniform to indicate some degree of volatility in the market, the Awesome Oscillator noted very minimal momentum of any kind.
IOTA was in the news recently after Founder David Sønstebø parted ways with the IOTA Foundation following “divergent interests.”
DigiByte [DGB]
Source: DGB/USD on TradingView
Like the aforementioned cryptocurrencies, DGB too rose after the larger crypto-market pumped. However, DigiByte’s price hike wasn’t as significant as the ones noted by Cardano and IOTA. In fact, at the time of writing, corrections seemed to be already seeping into the DigiByte market.
It should be noted, however, that despite the said hike, the cryptocurrency was still trading some way away from its resistance on the charts, with DGB closer to its support level.
While the Signal line and MACD line were intertwined following a bearish crossover, the Relative Strength Index was still mediating between the oversold and overbought zones, despite a recent dip.
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