Thanks to the correlation it shares with Bitcoin and Ethereum, most of the altcoin market surged on the charts this week. Monero, Ethereum Classic, and VeChain were among the cryptos to hike, with the general performance of the market fueling more expectations of an altcoin rally.
Monero [XMR]
Source: XMR/USD on TradingView
Monero, the market’s leading privacy coin, despite brief hikes on the charts, has underperformed when compared to the rest of the market’s altcoins. In fact, despite the crypto climbing by over 23% over the week, XMR was trading well away from its local top. It should be noted, however, that despite the recent inconsistency in movement, XMR’s volumes remain uniform.
On the question of Monero’s technical indicators, while the Parabolic SAR’s dotted markers were well below the price candles and underlined bullishness, the Relative Strength Index was mediating between the oversold and overbought zones on the charts.
The privacy coin was in the news recently after researchers revealed that a new malware named Hildegard is targeting Kubernetes Clusters to mine Monero.
Ethereum Classic [ETC]
Source: ETC/USD on TradingView
Ethereum Classic, the popular altcoin ranked 52nd on the charts, has been rangebound on the charts since it recovered from the pullback that followed its run to a local top. Like Monero, ETC too hiked recently, with the crypto up by 15% on a weekly basis. However, whether the said hike would be enough to sustain Ethereum Classic above its support levels is up for debate, especially since the crypto’s technical indicators didn’t look very optimistic, at press time.
While the mouth of the Bollinger Bands was wide to highlight a degree of near-term price volatility, the Chaikin Money Flow was continuing to drop below zero, a finding suggestive of the strength of capital outflows in the market.
Ethereum Classic made ripples in the community recently after it was announced that WETC would be listed on a host of decentralized exchanges.
VeChain [VET]
Source: VET/USD on TradingView
Like a lot of alts in the market, VeChain’s recent price movements on the charts have been very inconsistent. While VET did hike over the past few days by over 15%, it came on the back of a pullback that depreciated the crypto’s value by 9%. It should be noted, however, that despite VET’s technical indicators suggesting otherwise, there wasn’t cause for a lot of pessimism, especially since it has been only two weeks since the crypto hit an ATH on the price charts.
While the Awesome Oscillator’s histogram flashed red to highlight bearish momentum, the same was receding, an observation that might be indicative of incoming bullish momentum. On the contrary, the Signal Line was continuing to hover above the MACD line.
VeChain was in the news last month after a hospital-based in Cyprus revealed that it was using its network to store COVID-19 vaccination records.