Ordinarily, Bitcoin’s price movements would have a uniform effect on the rest of the altcoin market. However, that wasn’t the case over the previous week since many of the market’s alts found alternate trajectories. While the likes of XRP and Polkadot surged on the charts on the back of their bullish movements, DigiByte failed to register many gains, noting losses instead.
Source: XRP/USD on TradingView
One of the industry’s most popular altcoins, XRP’s price movement got a new lease of life recently after it hiked exponentially towards the end of November. While many in the community understandably expected corrections to ensue, the altcoin’s price hasn’t depreciated by much. Instead, it has consolidated its position after having risen by over 17% on the price charts in the last week alone. At the time of writing, XRP was noting YTD returns of over 223%.
Interestingly, the cryptocurrency’s indicators were more ambivalent as while the Parabolic SAR’s dotted markers were well above the price candles and highlighted a degree of bearishness in the market, the Chaikin Money Flow was holding steady above 0.20 to suggest consistent capital inflows.
XRP was one of the cryptocurrencies chosen by Binance recently for its Quarterly Coin-Margined Futures contracts.
Polkadot [DOT]
Source: DOT/USD on TradingView
Polkadot [DOT], the cryptocurrency ranked 9th on CoinMarketCap’s charts, was one of the cryptos to react positively to Bitcoin’s renewed push to breach its 2017 ATH. Interestingly, while BTC and many alts registered corrections as soon as the former had touched its previous ATH, DOT continued to climb and consolidate on the charts. In fact, over the previous week, DOT was up by over 13.6%, a hike that came on the back of a week that saw it falling instead.
The mouth of the Bollinger Bands was contracting somewhat, indicating that volatility might be in check in the near-term. On the contrary, the Awesome Oscillator still flashed green in favor of the market’s bulls.
Polkadot, in its efforts to further decentralize the web and support independent validators, recently announced the launch of the Thousand Validators Programme in December 2020.
DigiByte [DGB]
Source: DGB/USD on TradingView
DigiByte’s price movement over the past week was completely contrary to the movement noted by the other altcoins in the article. While the likes of XRP and Polkadot climbed, DGB fell, with the cryptocurrency failing to recover from its fall on the 27th, having noted losses of over 12% since. In fact, at the time of writing, DigiByte was trading closer to its local bottom than its resistance level on the charts.
Oddly enough, DGB’s technical indicators didn’t really highlight the bearishness the price charts seemed to suggest. While the MACD line was hovering just above the Signal line, the Relative Strength Index was holding steady between the overbought and oversold zones.
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