The latest hike in Bitcoin’s price came at a good time for the rest of the altcoin market. While many were under the impression that the same had exhausted all its momentum, Bitcoin’s performance gave fresh impetus to altcoins to rise again. This was the case for alts such as Litecoin and Tron. However, others like Steem didn’t reciprocate this movement.
Litecoin [LTC]
Source: LTC/USD on TradingView
Litecoin, the silver to Bitcoin’s gold, had been trading within a tight channel on the charts for over two months before the aforementioned spike in Bitcoin’s price pushed LTC to highs unseen since the first week of May. In fact, so significant was Litecoin’s hike that it climbed by over 17% on the charts over the last week.
The crypto’s technical indicators highlighted the scale of the appreciation as while the MACD line was well over the Signal line on the charts, the Parabolic SAR’s dotted markers were places well below the price candles and implied a great degree of bullishness in the market.
Even on the development side, LTC has done well for itself. Just a few days ago, it was revealed that FINRA had approved Grayscale’s Litecoin Trust for public quotation. This was followed by news that Anchorage had added support for the altcoin.
Tron [TRX]
Source: TRX/USD on TradingView
TRON, the 16th-ranked cryptocurrency on CoinMarketCap’s charts, is no longer in the top-10 as it once was. In fact, over the past few months, it has been overtaken by the likes of Cardano, Chainlink, Tezos, and even Crypto.com Coin. However, like Litecoin, TRON too was quick to follow Bitcoin’s lead after it posted gains of its own. While TRX had gained by over 9% over the last few days, at the time of writing, the crypto was registering corrections on the charts.
In the long-run, it’s unclear whether such movement will account for much, however, as it is just the latest in a series of hikes that have punctuated TRX’s charts over the last few months.
The aforementioned corrections on TRX’s charts were noted by the crypto’s technical indicators as while the mouth of the Bollinger Bands was contracting to reveal falling price volatility, the Relative Strength Index noted a gradual fall from the overbought zone.
TRON was in the news recently after Justin Sun announced that the Foundation will be withdrawing the bounty it had initially offered for anyone who would help find the perpetrators of the Twitter hack.
STEEM
Source: STEEM/USD on TradingView
STEEM, the crypto native to the Steemit blockchain, has had a very controversial 2020, with the crypto in the news a lot a few months ago. In fact, STEEM made waves in May after it was revealed that Steemit, recently acquired by Tron’s Justin Sun, will be confiscating the accounts of dissident validators a few weeks after a hardfork gave birth to HIVE.
Unlike Tron and Litecoin, however, STEEM noted corrections over the last week, despite the rest of the market surging dramatically on the back of Bitcoin’s hike. In fact, STEEM was down by over 7.5% over the week.
The Awesome Oscillator pictured minimal momentum in the crypto-market, while the Chaikin Money Flow was holding steady above zero, suggesting that capital inflows still were greater than capital outflows.