EOS and Ethereum Classic were among the altcoins to profit from the appreciation in Bitcoin’s price a few days ago, a development that came on the heels of U.S regulators giving the green-light to national banks with respect to crypto-custody services. However, not all alts followed the lead, with some like Basic Attention Token refusing to join the rally.
Ethereum Classic [ETC]
Source: ETC/USD on TradingView
The fork of the world’s largest altcoin, Ethereum Classic’s charts were a classic representation of the crest and trough movement. While at the time of writing ETC was noting gains of almost 11% over the last 7 days, it was just the latest in a series of sharp upticks in the last three months. Historically, these have been followed by corrections, which is why any expectations of a sustained uptrend may be for nothing. At press time, ETC was trading at a price that was right between its support and resistance levels.
On the charts, the mouth of Bollinger Bands continued to be uniformly wide, implying some volatility in the near-term. Further, Chaikin Money Flow was holding steady near 0.30, despite a small dip in the last 24-hours, underlining that capital inflows continued to be greater than capital outflows.
It hasn’t been smooth sailing for Ethereum’s fork, however. Just a few days ago, OpenEthereum voted to stop supporting its Ethereum Classic client to focus on other projects instead.
EOS
Source: EOS/USD on TradingView
EOS, the cryptocurrency that powers the blockchain platform EOS.IO, was once a regular in the top-10 of the cryptocurrency charts. However, now ranked at 12th, EOS has been overtaken by the likes of Binance Coin, Cardano, Tezos, Chainlink, and even Crypto.com Coin. Like ETC, the crypto’s movement has been wildly inconsistent too, with EOS having been unable to sustain an extended uptrend of its own on the charts.
Bitcoin’s price hike did give the EOS market an impetus; Parabolic SAR’s dotted markers were well below the price candles and implied bullishness, Relative Strength Index climbed towards the overbought zone to correspond with the crypto’s own price.
While developments have been hard to come by, EOS was recently chosen for integration by China’s Blockchain-based Service Network.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Basic Attention Token aka BAT’s recent price movement has been very different from its fellow alts. While for most alts July came as a huge relief, for BAT, July has meant a period of stagnation. In fact, the aforementioned surge in Bitcoin’s price also did little push the crypto’s price on the charts as Brave browser’s native crypto was registering losses of almost 4%, quite contrary to the rest of the altcoin market.
The same was evidenced by BAT’s technical indicators; Awesome Oscillator pictured minimal market momentum, most of it of a bearish nature, the Signal line continued to hover over MACD Line on the charts.