Bitcoin’s recent performance on the price charts had a corresponding effect on the rest of the crypto-market. Many of the market’s alts, including the likes of EOS, Ethereum Classic, and Zcash, surged as BTC climbed to breach one resistance level after another. However, such correlation also had the opposite effect, something evidenced by the fact that these alts corrected themselves as soon as Bitcoin fell.
EOS, once one of the crypto-market’s top-10 regulars, has been unable to sustain any momentum on the charts over the course of the past few months. In fact, while the said period did see EOS climb to new local tops, the cryptocurrency soon corrected itself. Such was the case in August, and towards the end of November. While the crypto’s price gained by over 13.5% in a week on the back of BTC’s gains, some corrections were evident, with EOS likely to end up at its previous trading levels.
Despite the said hike, the market for the cryptocurrency remained largely bearish as the Parabolic SAR’s dotted markers were well above the price candles, the Relative Strength Index was mediating right between the overbought and oversold zones.
EOS was in the news recently after Neobank Revolut announced that the crypto would be one of its newly-supported tokens.
Ethereum Classic [ETC]
One of the market’s foremost altcoins, Ethereum Classic has had a difficult 2020, especially in light of the twin 51% attacks it had to fend off back in August. Over the past few months, ETC’s price movement has been largely stagnant, with the same punctuated by a series of brief hikes and corrections. Bitcoin’s price hike had the effect of pushing ETC’s value higher on the charts, with the crypto up by more than 11% over the week.
While the MACD line was creeping below the Signal line slightly following a very brief bullish crossover, the Chaikin Money Flow was dipping towards zero, a sign of capital outflows gaining strength.
Despite its ambivalent technical indicators, optimism remains high in the ETC market, especially in light of the Thanos upgrade being activated a few weeks ago.
One of the crypto-market’s foremost privacy coins, Zcash [ZEC] has been unable to sustain the levels it set back in August. While ZEC’s charts have seen brief hikes, they were too few and too short, with the cryptocurrency’s price movement being topsy-turvy for the most part. Bitcoin’s recent hike, however, did provide an impetus to Zcash’s value, with the cryptocurrency climbing by over 17% in just a week.
The same was evidenced by the crypto’s technical indicators as the width of the Bollinger Bands remained uniform to highlight a degree of volatility in the market. The Awesome Oscillator registered the slightest of bullish momentum on the charts.