Bitcoin, the world’s largest cryptocurrency, managed to surge past $11,500 over the past few hours. However, altcoins such as Ethereum, EOS, and Cosmos seemed to have missed the cue as they couldn’t piggy-back on the rally. Ethereum continued to struggle in its attempt to breach the $400 range, whereas EOS registered a minor drop. For COSMOS, an incline was observed, but it continued to stay in the same position on the charts.
When Ethereum crossed $400 on 1 August and dropped right back after an hour, many expected the crypto-asset to reclaim a position above that range with ease. However, since then, ETH has crossed $400 only once, and like what transpired on the 1st of August, ETH dipped under the range within the next hour of trading.
Ethereum had a market cap of $44.48 billion and a trading volume of $12.89 billion over the past 24-hours. With the crypto-assets continuing to struggle with their resistance at $400, market indicators were beginning to suggest a bearish forecast.
The Relative Strength Index or RSI continued to drop, suggestive of increasing sell pressure in the market. Further, the Parabolic SAR also noted a bearish situation for ETH as the dotted markers appeared above the candlesticks, while the Bollinger Bands pointed to a reduced period of volatility with converging markers.
For EOS, the trend hasn’t really picked up. However, market indicators were completely split about the transpiring trend, at the time of writing. According to the Parabolic SAR, the market was strongly bearish at press time, whereas the Chaikin Money Flow or CMF pointed to a lack of capital inflows.
As was reported previously, EOS has dropped down the cryptocurrency rankings over the last few months, with EOS holding the 12th position with a market cap of $2.83 billion. However, the crypto-asset did have a surprisingly strong trading volume of $1.79 billion.
One of the major reasons for EOS’s decline is possibly the rise of Ethereum. In terms of like-for-like assets, Ethereum is the only direct competitor for EOS’s market. With ETH 2.0 seemingly an inevitable development, it will be interesting to see what kind of steps are taken by EOS to remain relevant.
Finally, Cosmos continued to hold its 26th rank on the charts, with the crypto-asset rising by 3.80 percent over the past 24-hours. Cosmos held a market cap of $802 million, accompanied by a 24-hour trading volume of $139 million.
At the time of writing, the Parabolic SAR was positive for Cosmos, but the MACD suggested that a bearish reversal had taken place on the charts. Further, the Aroon indicator also pointed to a fairly bearish outlook for ATOM’s near-term.
For ATOM, 2020 has been a good year, with the crypto-asset having broken into the top-30 of the cryptocurrency market.
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