BAT, Monero, Chainlink Price Analysis: 31 July
A few weeks after the crypto-community vocally predicted an incoming altseason, many of the same people are now highlighting Bitcoin’s overwhelming market dominance, thanks to the world’s largest cryptocurrency’s latest price surge. However, like is always the case, not all altcoins reciprocated the appreciation in BTC’s value, and some like Basic Attention Token continued to register corrections on the charts.
Chainlink, like Tezos and Crypto.com Coin, has been one of the market’s best-performing cryptocurrencies this year, with LINK noting YTD gains of 327%, at the time of writing. In fact, Chainlink was one of the crypto-assets leading the conversation about an incoming altseason after it began the month of July with a bang. Over the last few weeks, however, corrections have set in, with LINK falling by almost 20% on the charts before Bitcoin’s recent hike rescued it.
At press time, LINK was noting gains of almost 10% in less than a week’s time.
The aforementioned appreciation in value contributed to trend reversals for Chainlink as while the Parabolic SAR’s dotted markers switched to a bullish position, the Relative Strength Index climbed slightly towards the overbought zone.
On the development front, blockchain protocol NEAR became the latest to integrate Chainlink’s decentralized data oracles recently.
Monero, the crypto-market’s leading privacy coin, like Chainlink, has had a great July. However, unlike LINK, XMR hasn’t recently registered any significant corrections of note on the charts. In fact, Monero has been on an uptrend since well before July, with the latest appreciation in Bitcoin’s price providing more impetus to the crypto’s growth on the charts.
At the time of writing, XMR was noting gains of over 13% on the charts, with the crypto seeming to consolidate on the charts.
The mouth of the Bollinger Bands, at the time of writing, was expanding to imply growing price volatility. Further, the Chaikin Money Flow was noting a slight uptick, implying that capital inflows were still greater than capital outflows in Monero’s market.
Privacy coins like Monero have been at the center of the debate when it comes to the implementation of the FATF’s Travel Rule, with many crypto-exchanges going as far as delisting them to adhere to the same. In fact, just recently, Coinbase’s Brian Armstrong claimed that the exchange won’t list XMR owing to issues with regulators.
Basic Attention Token [BAT]
Brave’s Basic Attention Token aka BAT hasn’t done well for itself over the past few weeks. While it did go on a brief, interrupted uptrend in the months of May and June, July has seen BAT trade laregly sideways. In fact, surprisingly, while the rest of the market has surged on the charts, BAT was down by over 6% over a weekly timeframe, at the time of writing.
BAT’s technical indicators presented a bearish picture as well as while the Awesome Oscillator pictured negative momentum on the charts, the MACD line was well below the Signal line.