The effects of Bitcoin’s dramatic fall on the charts on June 11 are still being felt across the cryptocurrency market as it stalled much of the momentum that was being used to drive the value of BTC and the market’s alts upwards. At press time, however, the world’s largest cryptocurrency was readying itself for another foray over its psychological resistance on the charts, with BTC valued at $9,457.
However, Bitcoin’s fall and subsequent consolidation had different effects on different altcoins. Take the example of Ethereum, Steem, and Zcash, for instance.
Ethereum, the world’s biggest altcoin by market cap, has stalled somewhat on the charts in the month of June. While April and May saw ETH trace a steady uptrend that was punctuated by a few dips here and there, June has been largely flat. Flat, with the exception of ETH falling on the 11th on the back of Bitcoin doing the same. In fact, priced at $232.86, ETH was down by over 6% over the week, at the time of writing.
Here, it is also to be noted that Ethereum, before the market crash in March, was one of the best-performing altcoins in the market.
The lack of any major movement upwards was highlighted by the Parabolic SAR’s dotted markers being observed well above the price candles. Further, the MACD line was pictured to be dipping below the Signal line on the charts.
Recent price-performance aside, the Ethereum ecosystem remains optimistic since most of the community is looking forward to ETH 2.0 finally taking flight. In fact, in another bullish indicator that seemed to be contrary to the token’s performance on the charts, Ethereum recently saw the 7-day moving average of its gas usage rise to a record high a few days ago. Further, Ethereum’s transaction count also hit a 27-month high.
STEEM, the controversial token native to the Steemit blockchain, has been in the news a lot this year, and not always for the right reasons. In fact, while headlines have been scant for the token over the past few weeks, STEEM made waves in May after it was revealed that Steemit, recently acquired by Tron’s Justin Sun, will be confiscating the accounts of dissident validators a few weeks after a hardfork gave birth to HIVE.
Contrary to many other alts in the market, however, STEEM has recovered well following the fall in prices a week ago, with the token climbing by over 15% on the charts. That being said, it still seems that the token is trading within a broad channel, with a breakout unlikely for now.
The slightly widened mouth of the Bollinger Bands reflected the recent volatility in the market, while the Relative Strength Index, true to its pattern for the past few months, continued to fluctuate, this time towards the overbought zone.
Zcash, one of the market’s popular privacy coins, has been on a gradual uptrend since Black Thursday. However, this uptrend seemed to have flattened off-late as June didn’t see ZEC noting many major price movements. It did, however, fall when Bitcoin did, and unlike Ethereum, it was quick to recover, with ZEC registering gains of 7.3% over the past week.
While the Chaikin Money Flow was climbing slightly over o.20, suggesting capital inflows into the market, the Awesome Oscillator signaled minimum momentum.
Chainalysis recently announced compliance support for cryptos like Zcash and Dash, fueling many questions around whether these coins can be really private.
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