Connect with us

Analysis

Bitcoin Cash, Tron, and BAT blindly follow king coin’s lead

Biraajmaan Tamuly

Published

on

Source: Pixabay

A mini-bull rally took over the digital asset industry a few hours ago after the larger altcoin market followed Bitcoin’s cue to register higher returns. Bitcoin Cash, Tron, and Basic Attention Token were some of the top performers on the chart, with the crypto-market continuing to enjoy a lucrative April.

Bitcoin Cash [BCH]

Source: BCH/USD on Trading View

Bitcoin Cash was observed to have registered a 10.70 percent hike at 7:00 UTC on 16 April after its valuation crossed $230 for a brief period. The world’s fifth-largest cryptocurrency had a market cap of $4.2 billion, with a significantly high trading volume of $4.06 billion.

The 1-hour chart for BCH suggested that the token underwent a bullish breakout after a descending channel had taken shape over the past 2 days. Further, the market indicators continued to remain bullish for BCH as both the RSI and Parabolic SAR remained positive.

Basic Attention Token [BAT]

Source: BAT/USD on Trading View

BAT registered a bullish breakout after busting out of a falling wedge pattern. BAT’s valuation had inclined by 8.77 percent during the two-hour rally, staying fairly close to Tron’s hike.

Its market cap was recorded to be $239 million, at the time of writing, and it had an average trading volume of $95 million over the past 24-hours.

The Chaikin Money Flow or CMF suggested that capital outflows were still the dominant norm in BAT’s market while the Bollinger Bands were diverging on the charts, indicating a volatile period ahead.

Tron [TRX]

Source: TRX/USD on Trading View

Finally, Tron followed a similar path as its market cap had risen to $861 million at press time. The 16th ranked token did have a high trading volume though, with the figure recorded to be $1.45 billion over 24 hours, at the time of writing.

The MACD remained fairly bullish for Tron as the blue line hovered over the red line.

The Awesome Oscillator suggested a similar trend as the momentum remained strongly on the bull’s side.


Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.