It would be inaccurate to suggest that contrary to popular expectations, all altcoins defied the trend to note gains while Bitcoin struggled to do so on the charts. Not all alts. While the likes of Tezos and Chainlink took the opportunity to appreciate, the movements of others like Bitcoin Cash, Dash, and EOS were more in line with Bitcoin’s own price-performance.
Bitcoin Cash [BCH]
Bitcoin Cash, one of Bitcoin’s more popular forks, has been struggling to record any gains of note on the charts for a few months now. Such was the case at the time of writing as well as after riding on Bitcoin’s back to surge by almost 9%, BCH has depreciated by over 2% since then.
Interestingly, while that would make for a pessimistic reading, BCH’s indicators didn’t seem to share that sentiment. While Bollinger Bands continued to be wide apart, suggesting some incoming market volatility, Chaikin Money Flow was holding firm at 0.10, implying that capital inflows were still exceeding capital outflows.
While blockchain developments for Bitcoin Cash have been hard to come by, the fork coin made waves recently after it was revealed that the world’s biggest stablecoin, Tether [USDT] was now being circulated on the Bitcoin Cash network.
EOS, once a popular mainstay in the top-10 of the cryptocurrency market, isn’t there anymore. In fact, over the past few months, the coin’s falling value has pushed it down to the 14th position on CoinMarketCap’s charts. Since hitting its resistance towards the end of April, EOS has continued to fall on the charts. While Bitcoin’s hike on the 6th did push EOS’s price by over 11%, minor correction followed, with EOS choosing to consolidate and hold firm rather than record higher gains.
The coin’s market indicators highlighted such consolidation. While Parabolic SAR’s dotted markers continued to back a bullish market, Relative Strength Index continued to mediate between the oversold and overbought zones on the chart.
Like Bitcoin Cash, there haven’t been too many developments to speak of for EOS. However, community sentiment, off-late, has been apprehensive of sorts, especially since according to a recent report, EOS saw a developer exodus after COVID-19 took effect.
Dash, one of the market’s foremost privacy coins, has steadily lost its market share over the last few months. While Dash has fallen to 25th on the charts, fellow competitor Monero was positioned 15th, at the time of writing. Like EOS, DASH too has been on a downtrend since it hit its resistance level in the last week of April. Like BCH and EOS, DASH too has sort of plateaued on the charts after climbing by over 8% on the 6th of July.
The crypto’s market indicators gave differing signals. MACD line was well over the Signal line and implied bullishness, the Awesome Oscillator’s histograms pictured minimal momentum in the DASH market.