The appreciation in Bitcoin’s price a few days ago had a profound effect on the value of the crypto-market’s altcoins. This was to be expected since despite many expecting an altseason in the near-term, the world’s largest cryptocurrency remains highly correlated to the rest of the market. At price time, Bitcoin’s price stood at $9510 with a 24-hour trading volume of $6.4 billion.
Source: CoinStats
The latest price hike made a significant impact on the prices of the market’s altcoins. However, the scale of the impact wasn’t uniform when these alts are compared to each other.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano, like fellow alts such as Chainlink, Tezos, and Crypto.com Coin, has been on the year’s best-performing cryptocurrencies, with ADA noting YTD gains of over 268%, at the time of writing. In fact, the month of July was particularly exponential for Cardano’s price charts, with ADA surging to new highs in the month. However, that’s in the past and since then, ADA has retraced on the charts, with ADA down by over 7% since it touched its immediate resistance.
Bitcoin’s price hike, while fruitful, hasn’t pushed ADA to the levels it was noting a few weeks ago.
The retracement in question as evidenced by ADA’s technical indicators as the Parabolic SAR’s dotted markers were placed well above the price candles and suggested bearishness. On the contrary, the Chaikin Money Flow, while dipping slightly, remained above 0.20, underlining the health of the capital inflows in the ADA market.
With the Shelley hard fork scheduled for 29 July, IOHK’s Charles Hoskinson recently addressed concerns related to the roadmap. Hoskinson said that signs suggest that the deadline will indeed be met, adding that the August roadmap and scheduled will be released on 30 July.
VeChain [VET]
Source: VET/USD on TradingView
VeChain’s price movements seem to be strikingly similar to that of Cardano’s.
Like Cardano, VeChain too has been one of the market’s better performers this year as its price spiked exponentially in the month of July before retracing on the charts. In fact, despite the appreciation in Bitcoin’s price and VET’s own hike that followed, VeChain was still down by over 7% over the past week, at press time. However, it must be noted that VET’s YTD gains were as high as 190%.
The mouth of the Bollinger Bands was observed to be contracting, underlining a fall in price volatility in the near-term. Further, the MACD line had undergone a bearish crossover on the charts.
VeChain was in the news recently after Chief Scientist Peter Zhou claimed that VeChain’s governance model was much better than the likes of Bitcoin and Ethereum during a recent webinar.
IOTA
Source: IOTA/USD on TradingView
IOTA, once a popular mainstay of the top tier of the cryptocurrency market, was ranked as low as 23rd on CoinMarketCap’s charts, at the time of writing. While IOTA did seem to be on a gradual uptrend on the price charts, the crypto was still trading below its immediate resistance, and by extension, its highs in the past. At press time, IOTA was noting gains of over 13% on the weekly charts.
It should be noted, however, that IOTA’s24-hour trading volume has been dwarfed by other cryptos in the market, including the likes of Ethereum Classic, Zcash, Dash, Dogecoin and even 88th-ranked IOST.
While the Awesome Oscillator’s histogram was showing signs of bearish momentum at the time of writing, the Relative Strength Index was dipping after briefly sojourning to the overbought zone on the charts.
IOTA’s Dominik Schiener sought to address doubts recently when rumors broke that Chrysalis or IOTA 1.5 might be delayed. Fire on comnet, and then on mainnet, Schiener went on to say.