On the back of Bitcoin and Ethereum’s performances since the 28th of January, the altcoin market has surged. Bitcoin is currently trading at $37,641 with a 24-hour trading volume of $43 billion.
Source: CoinStats
For the markets altcoins, the surge was not uniform in any way, the likes of Chainlink, Cosmos, and Zcash have all hiked on the price charts to register excellent gains. However, it is still too early to predict whether these cryptos would be able to sustain these gains for a longer time, especially if the BTC, ETH markets lose momentum.
Chainlink [LINK]
Source: LINK/USD on TradingView
Chainlink, now the eighth-largest crypto by market cap, has had a good start to the year 2021, with the altcoin surging exponentially on the charts. In fact, on the back of a 20% hike over the last 7 days, the crypto even registered a new ATH on the price charts. It should be noted, however, that its trading volumes, at press time, weren’t as high as they were in mid-January.
Curiously, LINK’s technical indicators gave very contrary insights into the strength of the crypto’s market. While the Parabolic SAR’s dotted markers were below the price candles and highlighted bullishness, the Chaikin Money Flow continued to drop below zero, a sign of capital outflows gaining strength.
Chainlink was in the news recently after it announced that it had joined UNESCO’s Global Education Coalition.
Cosmos [ATOM]
Source: ATOM/USD on TradingView
Cosmos, the cryptocurrency ranked 25th on the charts, has had a topsy-turvy start to the year. After hitting an ATH on the charts in mid-January, a major pullback followed. Thanks to the crypto market’s general performance over the past few days, however, ATOM, at press time, was trading close to its ATH-levels again. In fact, an observation of ATOM’s indicators seemed to suggest that a new ATH may be on the cards soon.
While the width of the Bollinger Bands suggested that near-term price volatility was incoming, the MACD line went past the Signal line following a bullish crossover.
While the movements of Bitcoin and Ethereum may have played a part, many in the community believe that the impending Stargate update has also contributed to ATOM hiking on the price charts.
Zcash [ZEC]
Source: ZEC/USD on TradingView
Zcash, one of the market’s leading privacy coins, has fallen considerably from its heights in the second week of January. In fact, despite surging by over 20% over the past week, ZEC was trading at a level way off its local top on the price charts. By extension, ZEC was further away from its ATH of $3,191, a price last seen back in October 2016.
While ZEC did see a recent hike, it seemed unlikely that the crypto would be able to hold on to its gains. In fact, at press time, corrections were already setting in. While the Relative Strength Index was pointing south, the Awesome Oscillator saw only minimal bullish momentum.
