The impact of Bitcoin’s bullish movement on the rest of the market wasn’t meant to last as many alts that did register brief hikes across the board when BTC climbed to a new ATH, were also quick to register corrections. In light of Bitcoin’s market dominance of 68%, one can expect these altcoins to soon follow Bitcoin’s lead on the price charts again.
Litecoin [LTC]
Source: LTC/USD on TradingView
Litecoin, the cryptocurrency popularly dubbed the silver to Bitcoin’s gold, has been one of the crypto-market’s better performers over the last two months. In fact, so exponential was Litecoin’s price growth that it surged to breach its much-anticipated $100-resistance on the charts. LTC’s recent performances are interesting since they have been very contrary to much of Litecoin’s movements in the months of September and October.
Like most alts in the market, Litecoin did register some corrections this week, the same came on the back of a 3-day hike that was worth 18%.
Parabolic SAR’s dotted markers were well below the price candles and highlighted the bullish nature of the LTC market; Chaikin Money Flow was holding steady above zero, despite some strength in capital outflows.
Litecoin was in the news a week ago after it was added as collateral by Bitfinex Borrow, alongside EOS, XRP, and Polkadot.
Polkadot [DOT]
Source: DOT/USD on TradingView
Polkadot [DOT] didn’t quite share the price fortunes Litecoin seemed to be having, with DOT failing to register any significant recovery after falling by almost 10% in just one week. Priced at $5.07 with a market capitalization of $4.5 billion, DOT’s price movements over the past few months have been interspersed by a series of brief hikes and sharp falls, with the latest instance being an example of the latter.
It should be noted, however, that despite its struggles, DOT was seeing periods of significant trading volume on the charts.
While the width of Bollinger Bands was holding somewhat to suggest some degree of price volatility in the near-term, Awesome Oscillator registered the barest of market momentum on its histogram.
Polkadot was in the news recently after it launched Polkastarter DEX and liquidity mining.
Algorand [ALGO]
Source: ALGO/USD on TradingView
Algorand, the cryptocurrency ranked 52nd on CoinMarketCap’s charts at the time of writing, was one of the worst-hit by the market-wide corrections this week, with the crypto falling by over 18% in one week alone. Following its most recent depreciation, ALGO was trading at a level that was very close to its immediate support level on the charts, with the crypto still a long way away from touching its resistance.
At the time of writing, ALGO’s efforts at recovery seemed to have been thwarted as Relative Strength Index was holding steady between the oversold and overbought zones, and MACD line had dipped under the Signal line following a bearish crossover.
