Bitcoin’s price performance over the past week seemed to have a uniform effect across most of the crypto-market after altcoins like EOS, Zcash, and Tron rallied across the board. At press time BTC was being traded at $17,675 with a trading volume of $26.7 billion.
Source: CoinStats
While corrections had already started setting in at the time of writing, these alts continued to trade at levels much higher than the ones set previously.
EOS
Source: EOS/USD on TradingView
Once one of the mainstays of the market’s top-10, EOS, at the time of writing, was positioned 13th on CoinMarketCap’s charts. The cryptocurrency has noted sideways movement for much of 2020, with its position overhauled by the likes of Chainlink, Cardano, and Polkadot over the past ten months. While Bitcoin’s latest uptick did push the price of EOS north by over 10%, it is too soon to say whether a trend reversal in on the cards for EOS.
The cryptocurrency’s indicators, while positive, weren’t exactly bullish as while the Parabolic SAR’s dotted markers were placed below the price candles and pointed to a bullish market, the Awesome Oscillator pictured insignificant market momentum.
Finally, in what would come as good news for many EOS proponents, the cryptocurrency was recently ranked first by China’s Ministry of Industry and Information Technology.
Tron [TRX]
Source: TRX/USD on TradingView
Like EOS, Tron was once a regular in the crypto-market’s top-10. However, over the past year, it has been overtaken by many other projects and cryptocurrencies, with TRX presently ranked 16th on CoinMarketCap’s list. In fact, TRX has been trading within a very tight trading channel for almost three months now, with its movements punctuated by very brief upticks and falls. The latest market surge, however, pushed the cryptocurrency’s price by almost 8%, with the same accompanied by a spurt in trading volume too.
The same was highlighted by the sharp spike noted by the Chaikin Money Flow, even as the width of the Bollinger Bands remained fairly uniform and suggested that not a lot of volatility may be incoming for TRX in the near-term.
Tron was in the news a few weeks back after the blockchain halted the creation and execution of blocks due to a “malicious contract” against a super representative.
Zcash [ZEC]
Source: ZEC/USD on TradingView
One of the market’s leading privacy coins, the 35th-ranked Zcash recently underwent its much-anticipated halving, an event that also coincided with a scheduled upgrade dubbed “Canopy” which dealt with the distribution of rewards.
Usually, cryptocurrencies rally for a period preceding a halving event or a scheduled upgrade. However, that wasn’t the case here as while ZEC surged over the past week, it was mainly on the back of Bitcoin’s own movement. In fact, over the said period, ZEC climbed by over 15% on the charts, with the cryptocurrency still some way away from its resistance level.
It should be noted, however, that at press time, ZEC seemed to have exhausted its recent bullishness as corrections seemed to be setting in. In fact, while the MACD line was nearing a bearish crossover, the Relative Strength Index was dipping towards the oversold zone again.