The recovery efforts of Bitcoin, the world’s largest cryptocurrency, were stopped in its tracks recently, with the last few trading sessions seeing BTC correct itself again
Understandably, this had a corresponding effect on market alts such as Tezos, UNI, and BTT, with each of them stalling on the charts too.
Tezos’s appreciation since the market-wide fall towards the latter half of April has been impressive, with the alt hiking by over 35% in just 10 days. However, the said bullish momentum had exhausted itself over the last 48 hours, with XTZ’s uptrend stalling somewhat on the charts. With Bitcoin still struggling to fully recuperate its losses and ETH falling sharply following its latest ATH, a near-term price hike cannot be expected.
Bullish cues, however, remained prominent in the Tezos market, at press time. While Parabolic SAR’s dotted markers were well under the price candles, Relative Strength Index was climbing gradually above 50 as the market’s buyers gained strength.
Here, it’s worth noting that Tezos’ trade volumes over the last two months have failed to come close to the levels seen in January and February.
Tezos was in the news recently after METACO integrated the altcoin’s staking functionality.
Like Tezos, UNI too has appreciated significantly since the depreciation event in late April. Like XTZ, UNI has stalled on the charts over the past few days, with the general market momentum slowly dissipating across the board. Unlike Tezos, however, UNI was able to recuperate its losses to hit an ATH on the charts recently.While the widening mouth of Bollinger Bands suggested that a lot of price volatility was incoming, Awesome Oscillator’s histogram registered a sharp uptick in market momentum.With the launch of V3 keenly awaited by many, bullish sentiments remain high, with many expecting UNI to climb even higher, with or without the support of the rest of the market.
BitTorrent’s price action over the last 20-25 days or so has been distinctly different from that of its fellow alts. Over the last ten days, for instance, while bullish momentum pushed the likes of Ethereum and Chainlink to new ATHs, BTT struggled on the price charts. In fact, despite a few positive trading sessions, BTT has largely remained on a downtrend since mid-April, with a trend reversal looking unlikely at press time.
While MACD line continues to move below the Signal line, Chaikin Money Flow was dipping towards zero once again as capital outflows gained strength.