A persistent market downtrend has been the norm over the past few days, with Bitcoin’s price fortunes having a ripple effect on the rest of the market’s altcoins. This was the case with Chainlink, Zcash, and Ethereum Classic as well, and it is likely that these altcoins will continue to note significant corrections on the charts in the near-term if the bullish momentum failed to re-appear.
Chainlink has been one of the year’s best-performing cryptocurrencies, with LINK’s growth in the month of August pushing LINK to the 5th position on CoinMarketCap. In fact, at the time of writing, LINK was noting YTD returns of over 700%. This is a huge number, especially since the crypto has fallen significantly on the charts over the past ten days or so. Bitcoin’s fall on the charts hasn’t helped either, with the world’s largest cryptocurrency’s depreciation worsening LINK’s own descent.
At the time of writing, LINK was down by over 10% over the past week, some way away from its ATH, a level it touched right before corrections ensued.
While the Parabolic SAR’s dotted markers were well above the price candles and pointed to a bearish market, the Chaikin Money Flow was steadily going down the charts as capital outflows gained more strength.
Chainlink was in the news recently after dYdX announced that it had launched a LINK/USD perpetual contract.
Ethereum Classic [ETC]
Ethereum Classic doesn’t enjoy the popularity or the market cap that Ethereum boasts of. However, it can be argued that Ethereum Classic has been in the news a lot more recently, and not for the right reasons. In fact, its network was in the news early this month after it was the victim of two 51% attacks in quick succession, leading to many questioning the security model of the same.
Since the aforementioned developments, ETC’s price has fallen on the charts. However, contrary to expectations, it hasn’t fallen very badly. At the time of writing, ETC was down by almost 10% on the charts over the last 7 days, with the crypto trading at a level that was some distance from its local top.
While the mouth of the Bollinger Bands continued to hold steady and pointed to steady volatility, the Awesome Oscillator sides with the bears.
Zcash, one of the market’s foremost privacy coins, has steadily lost its market share to the likes of Monero over the past few months. However, like Monero, Zcash has also been hit by the perception associated with privacy coins, which is perhaps why none of these privacy coins have truly taken off. Zcash was recently in the news after the Electronic Coin Company announced a global ‘Crypto in Context’ educational program.
Over the past 5 days, ZEC was down by over 15% on the charts, with Zcash continuing to persist with the general market downtrend.
While the MACD line was well below the Signal line on the charts, the Relative Strength Index was very close to the oversold zone.