Bitcoin’s correlation with the industry’s altcoins is one of the long-standing certainties of the crypto market. As is so often the case, the altcoins of the market have often taken the lead from BTC to determine their price promotions. However, at the time of writing, it was not.
For the likes of Polkadot, Ethereum Classic, and VeChain, this hasn’t been the case for the past week or so.
Polkadot, the cryptocurrency ranked 8th on CoinMarketCap, was one of the few alts that has risen exponentially over the past week, despite BTC trending sideways for the most part on the price charts. In fact, DOT rose over 42% in a week, with the Alt recently recording its ATH as well.
While DOT has been hit by BTC moves in the past and the rest of the altcoin market has rallied, Polkadot is likely to continue its uptrend in the short term. It’s worth noting, however, that some fixes were made at the time of going to press.
DOT’s bullish forecasts have been highlighted by the observations of its technical indicators, while the Parabolic SARs dotted markings were way below the price candles that MACD The line swayed above the signal line.
Polkadot’s press time movement too seemed to be consistent with what an earlier analysis projected a few days ago.
The altcoin was in the news recently after ICONs’ core blockchain developers were incorporated into the DOT ecosystem.
Ethereum Classic [ETC]
Like Polkadot, Ethereum Classic has seen a significant price increase over the past 7 to 10 days. Despite some corrections, ETC quickly rose again in the charts. The big question, however, will be whether ETC’s uptrend can be sustained over the long term.
For most of 2021, ETC’s price performance has been very mixed, with price increases often followed by a series of short decreases.
In the short term, however, ETC looked fairly optimistic at the time of going to press. While the mouth of the Bollinger Bands diverged to indicate incoming price volatility Ingenious oscillator recorded a sharp increase in positive market dynamics.
Despite the lack of a sustained uptrend in ETC, it should be noted that the assets under management were managed by Grayscale Ethereum Classic estimated at over $ 158 million at press time.
Like Polkadot before, VeChain recently registered its ATH in the charts. In fact, VET has climbed the charts since the beginning of March, with Alt moving sharply sideways in January and February.
It should be noted, however, that while VET increased by over 24% in one week, the increase in value was not accompanied by an increase in the volume of trade.
The upward movement in the VeChain market was confirmed by the results of its indicators as in Chaikin cash flow that had risen to zero again Relative Strength Index continued to circling the overbought zone on the charts. According to a current one analysisVocational training has some levels of support that prevent a breakdown of the altcoin price.
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