As the world’s largest cryptocurrency, Bitcoin is bound to have an overwhelming impact on the price fortunes of the market’s altcoins. This was the case at the time of writing as well, with the performances of alts such as Litecoin and Decred bucking speculations that the market’s cryptos are decoupling from Bitcoin. Monero’s price movements, however, seemed to be quite contrary to that of the rest.
Litecoin, the silver to Bitcoin’s gold, has, to a certain degree, mirrored Bitcoin’s own price movement over the last few months, with LTC too touching its latest resistance level in the first week of June. Over the past week, Litecoin has depreciated by over 6% on the charts, with the same an extension of the downtrend the altcoin has been on since June.
Like Bitcoin, Litecoin was continuing to trade within a tight price band, with the crypto breaching the same anytime soon unlikely.
While the Bollinger Bands were holding firm and pointed to some degree of volatility in the market, the MACD line was just under the Signal line on the charts following a crossover.
Litecoin was in the news recently, but not for any good reason. In fact, Litecoin has fallen on the charts off-late, with the crypto being overtaken by the likes of Chainlink, Cardano, and Binance Coin (briefly).
Monero ranked 15th on CoinMarketCap’s charts, is today one of the market’s leading privacy coins, with the crypto having a market cap of over $1.1 billion. Unlike Litecoin, Monero’s price movement didn’t mirror Bitcoin’s, while LTC consistently fell on the charts, XMR noted a price hike of over 5%, before falling by the same degree soon after.
Despite the depreciation in price over the last few days, XMR’s technical indicators remained positive. Not only were the Parabolic SAR’s dotted markers well under the price candles, pointing to bearishness in the market, the Chaikin Money Flow was stabilizing near 0.20 and highlighted growing capital inflows.
Monero’s privacy credentials were recently up for debate after many in the community pondered over why Monero wasn’t the cryptocurrency of choice for the scamsters behind the recent Twitter hack. According to Riccardo Spagni, former Lead Maintainer of Monero,
Bitcoin is a billion times easier to buy than Monero. It has a name that is instantly recognisable, where most of the people that saw the Tweets would never have heard of Monero. Bitcoin addresses are significantly shorter than Monero addresses, leading to more space in Tweets.
— Riccardo Spagni (@fluffypony) July 16, 2020
Decred, the autonomous digital currency with a hybrid consensus system, was ranked 54th on CoinMarketCap’s charts, at the time of writing. A look at the charts would suggest that Decred was mirroring the movement of Litecoin too, with DCR sharing its topsy-turvy movement, despite trading with a tight price band for a period of time now.
Over the last 7 days, Decred was observed to have fallen by over 5% on the charts.
While the Awesome Oscillator pictured barely any momentum on the charts, the Relative Strength Index was mediating between the oversold and overbought zones.