Bitcoin, the world’s largest cryptocurrency, seemed to be on a break at the time of writing, with BTC consolidating its position on the charts, rather than attempting to breach its psychological resistance of $12,000. At press time, BTC was trading at $11,694 and noted a 1.47 percent price hike in the past 24-hours.
Such behavior had a ripple effect on the rest of the altcoin market, with some like Tezos and Monero noting differing fortunes. However, that wasn’t the case with Cosmos.
Tezos [XTZ] has been one of the market’s best-performing cryptos over the last 6-8 months. However, this reputation gained steam recently after the months of July and August saw XTZ surge in value on the charts. August, especially, has seen Tezos climb incredibly, with XTZ noted to have registered a hike of over 40% over the last week. At the time of writing, corrections were seeping into the market, which is why the last candle on the charts was a red one.
The aforementioned hike in value was also responsible for Tezos hitting its ATH on the charts recently.
The bullishness in the market was highlighted by the crypto’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles, the MACD line was surging well over the Signal line.
In other news, the market’s traders seem to be embracing XTZ’s price action, with more XTZ longs open than ever before.
Compared to Tezos, Monero’s price movements were more inconsistent. While the months of July and August did see Monero climb on the charts, the last week has been quite volatile. In fact, XMR fell by almost 9% over the timeframe, before recovering by over 6%. At the time of writing, however, Monero was continuing to trade well over its support levels.
The cryptocurrency’s price-performance was underlined by XMR’s technical indicators as while the mouth of the Bollinger Bands continued to be wide open in a sign of near-term volatility, the Chaikin Money Flow was just under 0.40 and pointed to healthy capital inflows into the market.
While Monero is the market’s foremost privacy coin, cryptos with such niche utilities haven’t had the best time recently with many agencies and governments keen to keep track of their blockchains. Russia’s ‘Transparent Blockchain’ system is just one such example.
Cosmos, the 17th-ranked cryptocurrency in the market, has seen its value appreciate dramatically over the past 10 days, with ATOM one of the industry’s best performers over the period. In fact, unlike Monero and Tezos, its price movement over the last week has been consistently bullish, with ATOM surging by over 50% on the charts. At the time of writing, ATOM was registering YTD gains of over 40%. Further, ATOM did also breach its highest price point in over a year.
ATOM’s indicators highlighted how well the market was doing as while the Awesome Oscillator’s histogram pictured a lot of bullish momentum, the Relative Strength Index was holding firm in the overbought zone.