Week marked good recovery in the crypto market
After a brief foray under the $ 9000 mark, Bitcoin was traded again below $ 9,500, with the main cryptocurrency in the market consolidating its position before attempting to cross the $ 10,000 mark again. And meanwhile, altcoins, thanks to their high correlation rates, were quick to profit, with many alts like Monero, Cosmos and Bitcoin Cash registering significant gains.
Bitcoin Cash [BCH]
Source: BCH / USD on TradingView
Bitcoin Cash is one of the few altcoins on the market that has not yet recovered its losses from “Black Thursday”. Thanks to the lateral movement that has persisted since mid-April, the BCH has been unable to register any significant upward trend on its chart. However, its graphics were punctuated by short walks. In the last 7 days, the BCH recorded an increase of more than 6%, with the asset value observed at US $ 236.48.
Market indicators, such as Parabolic SAR, suggested that, despite the most recent price increase, the market was down, with its markers dotted above the price candles. In addition, the RSI continued to mediate between overbought and oversold zones.
Bitcoin Cash was on the news a few days ago, after a popular analyst, citing the significant drop in the hash rate, expressed his surprise that BCH has not been attacked yet.
Source: XMR / USD on TradingView
Monero, the main privacy currency on the market, has accumulated a lot of currency lately, mainly due to the fact that, like Monero, other crypts like Bitcoin and Litecoin are also planning to integrate some privacy features.
There are still other concerns, such as some community members declaring that reducing Bitcoin’s decentralization can help drive the adoption of Monero. In fact, it is a difficult time for currency, as while many expect adoption to increase, its notoriety is also increasing.
On the price front, Monero, like Bitcoin Cash, climbed the charts with XMR registering a gain of almost 10% in a week. The current increase has continued to extend the bullish trend of the cryptocurrency which has been growing steadily since the market collapse in March.
While the Bollinger Bands suggested that volatility may not be a thing in the short term, Chaikin Money Flow saw a slight increase in the chart.
Source: ATOM / USD on TradingView
Cosmos, the 25th cryptocurrency ranked in CoinMarketCap, has risen well in recent months, with its 24-hour trading volume surpassing IOTA and Monero, both of which are the highest placed cryptocurrencies. Like most altcoins on the market, ATOM’s value increased significantly last week, as Bitcoin rose, with its price rising by more than 6% in just one week.
While Awesome Oscillator highlighted the lack of momentum in the market, the MACD line was slightly above the midline.
Source: AMB Crypto