Bitcoin’s brief breach of $18,000 and its sustained consolidation above $17,000 has renewed the bullishness in the market, with many of the industry’s alts climbing on the charts on the back of BTC’s performance. The cases of Monero, Ontology, and DigiByte followed this template, with their price performances replicating the general optimism in the market.
Monero [XMR]
Source: XMR/USD on TradingView
Monero, the industry’s leading privacy coin, was rescued from further sideways movement on the charts by Bitcoin’s surge a few days ago. It should be noted, however, that the said sideways movement followed weeks of bullish movement that saw Monero climb on the charts in the months of September and October. At the time of writing, while XMR had surged by over 12% on the back of the aforementioned hike, it was still some way away from touching its local top on the price charts.
The recent bullishness was highlighted by the cryptocurrency’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles, the Relative Strength Index was holding steady right between the oversold and overbought zones.
Weeks after climbing to a price level unseen in 2 years, Monero was in the news after it was revealed that it was hit by a Sybil attack.
Ontology [ONT]
Source: ONT/USD on TradingView
Unlike Monero, Ontology has been on a steady downtrend over the past two months, with ONT falling sharply on its charts since hitting its high for 2020. While Bitcoin’s latest hike did push ONT up by over 8% on the charts, Ontology continued to struggle on the charts, with its recent appreciation unlikely to trigger a trend reversal for the altcoin. In fact, at the time of writing, correction waves were already taking shape in the market.
The same was evidenced by Ontology’s technical indicators as while the Bollinger Bands were holding steady around ONT’s price candles, the Awesome Oscillator was noting minimal market momentum.
Ontology made headlines a few weeks ago after it was revealed that it is working with Polkadot to develop decentralized identity solutions.
DigiByte [DGB]
Source: DGB/USD on TradingView
Like Ontology, DigiByte saw much-needed bullish movement on its price charts on the back of Bitcoin’s uptick. Unlike Ontology, however, DigiByte seemed well-positioned to note a trend reversal. In fact, while DGB fell by over 5% in the first half of the week, it recovered to gain by an exponential 15% over the next half.
The likelihood of a reversal was highlighted by the crypto’s indicators too as while the MACD line was surging over the Signal line, the Chaikin Money Flow was climbing towards zero, a sign of capital inflows gaining strength.
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