After doing well to surge past its previous resistance on the charts, Bitcoin, at the time of writing, seemed to be gaining strength. While it did so, most of the market’s altcoins were reacting differently to the same. Many of these alts seemed to lack momentum on the charts, which is why many of them, including the likes of Litecoin, BAT, and Dogecoin were noting corrections, despite some brief moments of recovery.
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Litecoin [LTC]
Source: LTC/USD on TradingView
Litecoin, the silver to Bitcoin’s gold, has been overtaken by the likes of Bitcoin SV and Chainlink on CoinMarketCaps’ crypto-ladder. In fact, with a market cap of $3.7 billion, LTC was also under threat of being overtaken by the likes of Cardano as the latter trailed close behind. Like most alts, the month of July saw LTC perform well on the price charts. However, its movement in the month of August has been largely sideways with flashes of volatility.
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In fact, until a few days ago, Litecoin was observed to have fallen by over 12%, following which an appreciation worth 5.4% saw LTC gaining slightly.
Despite its recent recovery efforts, however, Litecoin’s technical indicators were categorically bearish as the Parabolic SAR’s dotted markers were well over the price candles, the Awesome Oscillator pictured a lot of bearish momentum in the market.
In what is a positive development, however, according to Santiment, Litecoin’s daily active addresses have almost doubled since the start of the year, a finding that might point to a near-term rally on the charts.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Brave browser’s native crypto, Basic Attention Token aka BAT, hasn’t seen an uptrend of note lately, quite contrary to the price performances of most of the market’s altcoins. While others surged over the months of July and August, BAT didn’t. However, the last 7 days did see some degree of volatility in the BAT market. Not only did BAT climb by over 13% on the charts, but corrections soon pulled BAT down by over 6%.
The mouth of the Bollinger Bands, at press time, was holding firm but was wide enough to imply some degree of price volatility in the near-term. Interestingly, despite recent corrections, the MACD line continued to hover over the Signal line, a bullish indication.
On the development front, there isn’t much to report for BAT. However, BAT did get recently listed on Crypto.com and several Zero Hash-powered digital asset platforms.
Dogecoin [DOGE]
Source: DOGE/USD on TradingView
According to many, Dogecoin, the crypto-market’s most popular meme cryptocurrency, isn’t a meme anymore. In fact, many argue that owing to DOGE’s pump last month, a 3-day period that saw the crypto climb by over 100% on the charts, it is more than just a joke coin. Since hitting its local top, however, DOGE has fallen, and it is a long way from recovering its losses. In fact, since the aforementioned hike, DOGE was down by almost 30% on the charts.
Despite minimal trading volumes, however, Dogecoin’s technical indicators continued to be promising as while the Chaikin Money Flow was near 0.10, the Relative Strength Index was mediating between the oversold and overbought zones.