Despite more and more people predicting that an altseason might be on the horizon, Bitcoin continues to be the market’s most dominant cryptocurrency with a share of over 60%. In fact, Bitcoin catalyzed the crypto-market over the last few days by noting a significant hike after the OCC announced that nationally chartered banks in the USA will now be able to hold crypto.
Source: Coinstats
The aforementioned hike had a ripple effect on many of the market’s altcoins, including the likes of Bitcoin SV and Dash. However, Dogecoin wasn’t seeing any of them yet.
Bitcoin SV [BSV]
Source: BSV/USD on TradingView
Bitcoin SV, the cryptocurrency ranked 7th on CoinMarketCap’s charts at the time of writing, hasn’t had a great 2020. In fact, a look at BSV’s charts reveals that the Bitcoin Cash fork has gradually traded lower and lower since its medium-term high in early-April. On the back of Bitcoin surging, BSV rose too, with the crypto noting a hike of over 14% over the week. At press time, BSV wasn’t too far away from its immediate resistance on the charts.
Bitcoin SV’s technical indicators were presenting quite a mixed message. While Parabolic SAR’s dotted markers were well-positioned below the price candles and pointed to bullishness, Chaikin Money Flow was noting a very sharp fall over the last 24-hours.
On the development front, Bitcoin SV was in the news after it teamed up with China’s largest developer network for educational purposes.
Dash [DASH]
Source: DASH/USD on TradingView
Dash, like Bitcoin SV, has recently been trading at prices lower than its highs in May and June. Like BSV, Dash too was quick to piggyback on the movement of the world’s largest cryptocurrency, with the privacy coin climbing by over 10% over the last 7 days. It should be noted, however, that Dash’s price movement over the past few months has been punctuated by a series of brief hikes and sharp falls. Ergo, it’s too soon to tell whether there is an uptrend in sight.
At the time of writing, the mouth of Bollinger Bands was widening slightly, pointing to some degree of incoming volatility. Further, Relative Strength Index was seen spiking, with RSI heading towards the oversold zone on the charts.
The cryptocurrency was last in the news when crypto-analytics firm Chainalysis announced support for the privacy coin and Zcash.
Dogecoin [DOGE]
Source: DOGE/USD on TradingView
Dogecoin, the crypto-market’s most popular meme coin, perhaps isn’t just a meme anymore. A few weeks ago, DOGE surged, and surged exponentially, climbing by over 100% in a matter of just three days after a TikTok challenge to push the crypto to $1 went viral. Since then, however, corrections have set in, with the altcoin down by over 33% since hitting its aforementioned highs.
The scale of the corrections was evidenced by the fact that Dogecoin wasn’t one to join the rest of the altcoin market when Bitcoin rallied over the last few days.
In fact, Awesome Oscillator’s histogram pictured bearish momentum in the market, MACD line continued to be well under the Signal line on the charts.