And the effects of Bitcoin’s fall, owing to the high rates of correlation between the king coin and the alts, were felt by the rest of the market, including cryptos such as Chainlink and Dash.
Source: BTC/USD on TradingView
The world’s premier cryptocurrency, Bitcoin failed yet again to breach its immediate resistances on the charts, with BTC falling soon after such an attempt, dipping by over 3% over the last 24-hours. At the time of writing, priced at $9141, BTC was still trading some way away from its resistance at $9,695, and by extension, its 2020-high. The latest depreciation in Bitcoin’s price is yet another in a series of such movements, with the king coin continuing to be valued within a set price band on the charts.
The Parabolic SAR’s dotted markers were evidence of the bearishness in the Bitcoin market, with the same observed to be well above the price candles. Similarly, the Chaikin Money Flow noted a steep fall on the charts, with the CMF dicing towards 0.20, before stabilizing.
Despite BTC’s price performance seeming to be stagnant, investors continue to hoard the world’s largest cryptocurrency. In fact, despite expectations of a price pump following the halving not being met immediately, some remain hopeful, with similarities with Gold’s price cycle pointing to the same as well.
On the contrary, Bitcoin’s spot and derivatives volumes have fallen significantly this year, especially since the market crash back in March.
Source: LINK/USD on TradingView
Chainlink, the crypto-market’s 12th largest cryptocurrency, has been one of the market’s best-performers, not just in 2020, but over the course of the last 10 months or so. In fact, with YTD returns of over 219% at press time, LINK was putting many of the market’s other cryptos in the shade.
Priced at $5.85, LINK was down by almost 8% on the charts over the last 24-hours. It must be noted, however, that the present fall in the market came on the back of LINK’s exponential hike on the charts, with the crypto hiking by almost 40% over the course of a few days.
While the mouth of the Bollinger Bands seemed to be closing, a sign of reducing market volatility, the MACD line was well under the Signal line on the charts and highlighted bearishness in the market.
Chainlink was in the news recently after crypto-lender Nexos announced plans for integration with Chainlink’s oracles.
Source: DASH/USD on TradingView
One of the market’s foremost privacy coins, DASH has steadily lost its market share over the past few months, a development evidenced by the fact that it was ranked 24th on CoinMarketCap’s charts. Like Chainlink, DASH too recorded a notable uptick on the charts, one worth over 8.37%. However, the same was followed by the latest depreciation in DASH’s price, with the crypto falling by almost 2.5%.
While the Awesome Oscillator pictured falling market momentum, the Relative Strength Index was heading towards the oversold zone on the charts.
The cryptocurrency was last in the news after crypto-analytics firm Chainalysis announced support for the privacy coin.