After weeks of bullish movement, it would seem that Bitcoin is finally consolidating on the price charts. Interestingly, due to the high correlation most of the market’s altcoins share with the world’s largest cryptocurrency – BTC, altcoins such as Tezos, BAT, and Zcash mirrored its movement. However, these cryptos didn’t do so equally, especially since Zcash’s corrections were worse off than Tezos or BAT.
Tezos [XTZ]
Source: XTZ/USD on TradingView
Despite a few brief hikes over the past few months, Tezos, at press time, was yet to replicate its performance from August-September 2020. These were brief because every hike was followed by a sharp fall on the charts. At the time of writing, this seemed to be the case once again as XTZ pumped by over 30% in a matter of days, corrections had started to set in, pulling the crypto’s value away from its ATH.
The same was evidenced by the MACD line and Signal line moving closer to each other above the histogram. On the contrary, the Parabolic SAR’s dotted markers were yet to register any bearishness, with the same observed to be below the price candles.
At the time of writing, Tezos was noting YTD gains of over 40%. Tezos was recently in the news after it was revealed that Nisbah Capital will be the latest to join the Tezos blockchain ecosystem.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Brave browser’s Basic Attention Token has fallen down the cryptocurrency market’s rankings dramatically over the last few months. Ranked 70th on CMC at the time of writing, BAT, like Tezos, was registering corrections on the price charts after a brief period of upward movement saw the crypto gain by over 22% in a few days. Despite a degree of bearishness setting in, however, BAT was still trading at a level last seen back in September 2020, at press time.
It should also be noted that the aforementioned uptick in the altcoin’s price was accompanied by a sharp spike in trading volumes too.
While the mouth of the Bollinger Bands remained wide to highlight a degree of near-term volatility, the Awesome Oscillator was beginning to register some bearish momentum, with the last few bars on the histogram flashing red.
BAT’s native browser recently announced the integration of a P2P IPFS protocol.
Zcash [ZEC]
Source: ZEC/USD on TradingView
Zcash, one of the crypto-market’s foremost privacy coins, was one of the year’s highest gainers until a week ago. At the time, ZEC was trading at levels last seen back in August 2019. However, like most cryptos in the market, Zcash’s price performance was affected by Bitcoin and Ethereum’s inability to sustain their bullish momentum on the charts. In fact, after hitting a local top, ZEC fell by 18.5% on the price charts.
As far as the technical indicators are concerned, the Relative Strength Index was falling towards the neutral zone after regularly skirting the overbought zone. Oddly, despite corrections setting in, the Chaikin Money Flow noted an uptick to highlight a degree of incoming capital inflows.
Zcash was previously in the news after it was announced that the popular exchange Bittrex will be delisting privacy coins such as Monero, Zcash, and DASH.
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