Thanks to the correlation it shares with Bitcoin and Ethereum, most of the altcoin market has jumped in the charts this week. Among the cryptos to rise were Monero, Ethereum Classic, and VeChain, with overall market performance further fueling expectations of an altcoin rally.
Motto [XMR]
Source: XMR / USD on TradingView
Monero, the main privacy coin in the market, despite brief increases in charts, has underperformed against the rest of the market altcoins. In fact, despite the crypto surge of over 23% during the week, XMR was trading a long way from its local high. It should be noted, however, that despite the recent motion inconsistency, XMR’s volumes remain consistent.
On the issue of Monero technical indicators, while the Parabolic SAR the dotted markers were well below the candle prices and highlighted the bullish, the relative strength index mediated between the oversold and overbought areas on the charts.
The privacy piece hit the news recently after researchers revealed that new malware named Hildegard targets Kubernetes clusters to mine Monero.
Ethereum classic [ETC]
Source: ETC / USD on TradingView
Ethereum Classic, the 52nd-ranked popular altcoin on the charts, has been charted limited since recovering from the pullback that followed its run to a local high. Like Monero, ETC also hiked recently, with crypto increasing 15% per week. However, whether the said rise would be enough to keep Ethereum Classic above its support levels is up for debate, especially since the crypto’s technical indicators did not appear to be very bullish, at press time.
While the mouth of the Bollinger Band was broad to show a degree of short-term price volatility, Chaikin Money Flow continued to decline below zero, a finding suggesting the strength of capital outflows into the market.
Ethereum Classic has been making waves in the community recently after announcing that WETC will be listed on a host of decentralized exchanges.
VeChain [VET]
Source: EFP / USD on TradingView
Like many alts in the market, VeChain’s recent price movements on the charts have been very inconsistent. While VET has risen by more than 15% in the past few days, this came following a pullback that depreciated the crypto’s value by 9%. It should be noted, however, that despite technical indicators from VET suggesting otherwise, there was not much room for pessimism, especially since it has only been two weeks since the crypto hit an ATH. on the price tables.
While the Awesome oscillator of the histogram flashes red to highlight the bearish momentum, the same was retreating, an observation that could indicate an impending bullish momentum. On the contrary, the signal line continued to hover above the MACD line.
VeChain was in the news last month after a Cyprus-based hospital revealed it was using its network to store COVID-19 vaccination records.
To congratulate you we are going to offer you our free method of investing in cryptocurrencies simply and automatically with the objective of generating regular income while protecting your capital as much as possible.