Over the last 48 hours, Bitcoin, the world’s largest cryptocurrency, was seemingly on its way to recovering the losses incurred over the past few weeks. At press time, however, corrections had set in again, with BTC dipping towards the $57,500-mark. Understandably, this had a corresponding effect on the performance of altcoins such as Ethereum, Cosmos, and IOTA, with each of them noting significant depreciation in value.
It’s been a while since the world’s largest altcoin has traded around its ATH of over $2,000. Valued at just under $1,850 at press time, ETH was on its way to following BTC’s lead down the charts after its popular uptrend came to a halt a few trading sessions ago. Here, it’s worth noting that the scale of the aforementioned uptrend was such that the alt hiked by over 9% in just 36 hours.
Thanks to the same, however, ETH had recovered all its losses following the market-wide depreciation over the 24th and 25th of March.
Oddly enough, Ethereum’s technical indicators were yet to totally switch to the bearish side as while the Parabolic SAR’s latest dotted markers were still predominantly below the price candles, the Chaikin Money Flow was closing in on 0.20.
What’s more, recent trading volumes registered a brief dip as well.
While the said corrections weren’t unexpected, key support levels are likely to push the value of the altcoin north again.
ETH’s performance over the past few months has led some to speculate that the alt could touch $10,500 soon.
Cosmos, the cryptocurrency ranked 29th on CoinMarketCap’s charts, has had a very inconsistent March, with the brief hikes in its price soon followed by sharp falls. Like Ethereum before it, Cosmos too was falling dramatically on the back of an uptrend that came to a sudden halt. In fact, ATOM fell by almost 5% in a matter of just over 24 hours.
Thanks to the same, ATOM was further away from its local top, at press time.
The growing bearishness in Cosmos’s market was underlined by the findings of the crypto’s technical indicators. While the MACD line was dropping below the Signal line, the Relative Strength Index was gradually dipping towards the oversold zone.
The altcoin was in the news recently after it announced the launch of Inter-blockchain communication transfers.
IOTA’s price movements shared a lot of similarities with the price action noted by the likes of Ethereum and Cosmos. Like ETH and ATOM, IOTA too corrected on the back of Bitcoin’s failure to breach the $60k-level once again. It should be noted, however, that while bearish signals were flashing at press time, they weren’t enough to suggest that a firm trend reversal had taken place yet.
The mouth of the Bollinger Bands was still fairly open, projecting a degree of near-term volatility. What’s more, the same was pointing upwards, indicating that the same is likely to be in the northbound direction. On the contrary, the Awesome Oscillator noted red bars on its histogram, a sign of growing bearish momentum.
A previous analysis of IOTA’s price movements had predicted consolidation on the charts.