Despite the fact that the market’s altcoins have done well lately, the fact of the matter is that Bitcoin, the world’s largest cryptocurrency, continues to hold a market share of over 60%, a share owing to which it has high correlation indices with the rest of the market. However, the effect of BTC’s movement, especially its price hikes, isn’t uniform. While for some cryptos like Chainlink it came as a relief, for others like CRO, the hike merely spurred an existing uptrend.
Chainlink [LINK]
Source: LINK/USD on TradingView
Chainlink, now ranked 11th on the cryptocurrency charts, has been one of the market’s best-performing cryptos this year, with LINK registering YTD gains of over 324%, at the time of writing. It must be noted, however, that part of the reason why LINK has done so well is owing to its price performance in the second week of July, with the crypto climbing by over 50% over that period.
Following the same, alas, corrections set is, with LINK down by over 11% since then. Despite the brief respite offered by Bitcoin’s price appreciation, LINK was still trading well below its resistance.
On observing the crypto’s technical indicators, a finer picture can be seen, with the same suggesting that a trend reversal in the market may be in the works. While the Parabolic SAR’s dotted markers were above the price candles and implied bearishness, the Chaikin Money Flow continued to dip on the charts.
Chainlink was in the news recently after Binance smart chain announced that it would be integrating its data oracles to save developers’ time and efforts, especially for those who are building DApps on the blockchain.
Crypto.com Coin [CRO]
Source: CRO/USD on TradingView
CRO, the native crypto of the exchange platform with the same name, has been one of the year’s biggest surprises. Not only does it boast of YTD gains of 336%, at the time of writing, but it has also climbed to 10th on the cryptocurrency charts. A look at CRO’s price charts lend an interesting perspective as contrary to the movements of the rest of the market, CRO hasn’t noted a downtrend of note in the last three months. In fact, one can argue that it has been on a steady uptrend, even when the rest of the market has struggled.
While off-late it did seem that CRO’s price was holding steady and consolidating on the charts, Bitcoin’s recent hike pushed it even further, with CRO noting an uptick of just over 4%.
While the narrowing mouth of the Bollinger Bands pointed to falling volatility in the near-term, the MACD line, surprisingly, was well under the Signal line on the charts.
Many have been astounded by the growth of CRO. It was in light of this that CEO Kris Marszalek assured community members that user growth and product popularity was behind the same, and not speculation.
Digibyte [DGB]
Source: DGB/USD on TradingView
DigiByte, the 37th ranked cryptocurrency in the market, hasn’t had a great past few months. In fact, DGB has been trading within a tight trading channel for the past two and a half months now. While the last 7 days did see DGB climb by over 19% on the charts, it is still too early to say whether this could be the start of an uptrend since DGB’s price charts do suggest a prevailing crest and trough movement.
While the Awesome Oscillator pictured barely any momentum, the Relative Strength Index was well-positioned between the oversold and overbought zones.