Despite its falling market share and market dominance over the past few months, Bitcoin continues to exert a lot of influence on the altcoin market. However, while BTC does indeed share high correlation stats with many altcoins, its influence isn’t uniform across the board. The same was evidenced when Tron, Basic Attention Token, and Dogecoin’s price charts for the past week were observed.
Tron [TRX]
Source: TRX/USD on TradingView
Once one of the market’s top-10 cryptocurrencies, Tron [TRX] has since fallen off the crypt0-ladder, with TRX positioned at 16th, at press time. Despite its traditional correlation with Bitcoin, TRX’s price movements have been unusual. Consider this – when the rest of the crypto-market fell incredibly over 1-2 September, TRX surged to new heights. Further, while the crypto did later note corrections on the charts, at the time of writing, TRX was still trading at a price well above its July and August 2020-levels.
Contrary to the rest of the market, Bitcoin’s recent surge over $11k and its subsequent consolidation didn’t seem to have much of an effect on TRX’s market, with the crypto continuing to trade within a tight channel.
While the mouth of the Bollinger Bands was narrow around the price candles in a sign of low market volatility, the Chaikin Money Flow noted a brief uptick. However, at the time of writing, capital outflows continued to exceed capital inflows.
TRON Foundation CEO Justin Sun was in the news recently after he claimed that Tron was trying to create the same kind of DeFi ecosystem as Ethereum.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Basic Attention Token aka BAT, Brave browser’s native crypto, has been on a downtrend for most of the last 45 days. After hitting a local top in mid-August, BAT’s value dropped dramatically on the charts. This was the case over the previous week too as while many of the market’s altcoins noted some gains before correcting themselves, BAT fell. While gradual, BAT’s depreciation of over 4.5% only extended the long downtrend the cryptocurrency has been on for a while.
As far as the technical indicators were concerned, the Parabolic SAR’s dotted markers well well above the price candles – A sign of bearishness. Further, the Relative Strength Index was creeping towards the oversold zone on the charts.
BAT was in the news recently after a Brave developer claimed that the cryptocurrency will succeed owing to growing privacy concerns among the populace during a recent Reddit AMA.
Dogecoin [DOGE]
Source: DOGE/USD on TradingView
The cryptocurrency community’s favorite meme coin, Dogecoin hasn’t seen any price movement of note since its 120% surge over 3 days back in the month of July. Since then, DOGE’s price has corrected significantly, with the altcoin on a perpetual downtrend. While the meme coin was still trading at a price well above its early-July price levels, DOGE was well below the levels it saw during the aforementioned surge in price.
In fact, over the past few weeks, most of Dogecoin’s movement shave been sideways, with DOGE restricted to trading within a tight trading channel.
While the MACD line was just over the Signal line on the charts, the Awesome Oscillator pictured very minimal market momentum.