The last 24-36 hours have been difficult for most of the crypto-market, with the likes of Monero, Waves, and Maker all following Bitcoin’s lead to drop down the price charts. With BTC holding steady above the $54k-mark at press time, it seems unlikely that corrections would be around for a long time, however.
Monero [XMR]
Source: XMR/USD on TradingView
Monero, the crypto-market’s leading privacy coin, was ranked 22nd on CoinMarketCap, at press time. Like the rest of the altcoin market, Monero too fell on the back of Bitcoin’s depreciation, with the crypto dropping by almost 9% in just over 24 hours. Since then, however, some recovery seemed to be in order, with XMR holding its position on the price charts.
It should be noted though that if BTC does drop again, in all likelihood, XMR would follow too.
Monero’s technical indicators, on the contrary, were ambivalent in their projections. While the Parabolic SAR’s dotted markers underlined the bearish strength of the market, the Chaikin Money Flow was holding firm above zero, in line with the consolidation on the price charts.
The altcoin was in the news yesterday after crypto-friendly travel platform Travala.com added Monero as one of its payment options.
Waves [WAVES]
Source: WAVES/USD on TradingView
For most of the last few weeks, WAVES was trading within a tight channel on the price charts. While WAVES’ recent movements did push the cryptocurrency out of its rangebound price action, it wasn’t in the direction intended. In fact, the altcoin fell by over 7% in the span of 24 hours, with the crypto yet to recover all of its losses at press time despite some recovery efforts.
While the Bollinger Bands were widening somewhat to make way for some near-term price volatility, the MACD was nearing a bullish crossover with the Signal line, a finding lending evidence of growing momentum in the market.
Like in the case of Monero, if the general market heads south, WAVES might be forced to follow.
Maker [MKR]
Source: MKR/USD on TradingView
Ranked 48th on CoinMarketCap’s rankings at press time, Maker, like Monero and Waves before it, was also registering a recovery of sorts at press time, despite the same coming on the back of a Bitcoin-fueled correction. MKR fell by over 8% in the span of just over 24 hours, with its price action and subsequent recovery accompanied by a brief spike in trading volume too.
In fact, MKR’s technical indicators highlighted the strength of the aforementioned recovery as while the Relative Strength Index was heading north after skirting the oversold zone on the charts, the Awesome Oscillator pictured bullish momentum on its histogram.