Altcoins, without any organic developments of their own, often find it very hard to move away from the influence Bitcoin’s price has on their own fortunes. While some like Cardano off-late have done so with a slew of major announcements, others haven’t been so lucky, with the likes of Ethereum, EOS, and DASH still far from recovering the losses incurred on the back of Bitcoin’s fall on the 24th of June.
Ethereum [ETH]
Ethereum, the world’s top altcoin, has stalled somewhat on the charts, with ETH failing to register a notable uptrend since the first week of June. The cryptocurrency’s valuation was lent another blow by Bitcoin failing to breach its psychological resistance yet again, with ETH recorded to have fallen by almost 7% since 24 June. At the time of writing, trading at a price of $226.42, ETH was still well away from the highs it registered in January-February 2020.
The Parabolic SAR’s dotted markers underlined the bearishness in the market, with the same observed to be well above ETH’s price candles. On the contrary, the Chaikin Money Flow did not paint such a pessimistic picture, with the CMF climbing towards 0.20, at the time of writing.
The Ethereum community right now is busy waiting on its heels for ETH 2.0 to take flight. That apart, Ethereum was in the news recently after Tesla CEO Elon Musk stated that he was neither for nor against Ethereum, adding that he won’t be building anything on it.
EOS
EOS, the crypto native to the blockchain platform EOS.IO, was once among the top cryptocurrencies in the market. However, now it languishes down at 10th on CoinMarketCap’s charts, with EOS overtaken by the likes of Cardano and closely followed by Crypto.com Coin. Its fall on the charts is evidenced by its price performance, with EOS still far from recovering all the losses it incurred during the Black Thursday market crash.
Like Ethereum, it too fell when Bitcoin did, and EOS was trading at a price that was over 4.5% lower than its price on 24 June.
While the Bollinger Bands continued to maintain uniform width suggesting some degree of market volatility, the Relative Strength Index, surprisingly, was climbing steeply towards the overbought zone on the charts.
Developments have been scant to come by for EOS, with the token last in the news when PlusToken scamsters withdrew over $67M in EOS from their wallets.
DASH
DASH, one of the market’s few privacy coins, hasn’t had a lot to report on the development side lately, with the crypto last in the news after contrary to the expectations of privacy-sensitive users, Chainalysis announced that it had added support for Zcash and Dash transactions.
Like EOS and Ethereum, DASH too has been on a downtrend for a while now, with the same punctuated by a series of brief highs on the charts. At the time of writing, DASH was trading at $67.32, with the crypto still over 9% down from its trading price pre-Bitcoin’s depreciation on the 24th of June.
For DASH, the Signal line was marginally above the MACD line, suggesting that a trend reversal may be on the cards. On the contrary, the Awesome Oscillator pictures only minimal momentum in the DASH market.
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