Ethereum, Stellar Lumens, VET bounce back as alts resist corrections
After a brief period of sustained corrections, it would seem that the market’s altcoins are finally finding some momentum after many of the alts recorded some gains of their own over the past 24-hours. This should come as a relief for many since surprisingly, not many altcoins had followed Bitcoin’s lead when it hiked and consolidated, despite their high correlation with the king coin.
Ethereum [ETH]
Source: ETH/USD on TradingView
Ethereum, the world’s largest altcoin, was one of the crypto market’s stars in the early part of 2019. However, all its recorded gains over the aforementioned period of time were wiped out within a few days by the market crash in March. Since then, ETH has recovered well, with the altcoin, at the time of writing, being traded at $212.02. In fact, ETH was up by over 3.5% over the course of 24-hours, the movement that came as a relief for many since it followed a period of bearish market behavior.
The positive momentum in the Ethereum market was highlighted by the technical indicators. While the Parabolic SAR’s dotted markers were well below the price candles, the Relative Strength Index was positioned well between the oversold and overbought zone after a brief period where it seemed to be surging towards the latter.
The price-performance follows a report which suggested that while Bitcoin Hodlers are inclined to splash their cash, ETH Hodlers’ transactions are largely no more than $20.
Stellar Lumens [XLM]
Source: XLM/USD on TradingView
Like Ethereum, XLM’s movements lately have been punctuated by minor dips that would stall the market momentum and put a brake on XLM’s uptrend. However, this too was reversed, with the price of the token climbing at the time of writing at the rate of 2.5% over 24-hours, with the press time price observed to be $0.07.
However, XLM’s indicators didn’t seem to be as confident as the crypto’s price performance charts. While the mouth of the Bollinger Bands was uniform, the MACD line was closing in on the Signal line for a bullish crossover. However, in light of the final price candle on the chart being red, this may not transpire.
XLM was in the news recently after its native organization, the Stellar Development Foundation announced a $5M investment in Bill Barhydt’s Abra.
VeChain [VET]
Source: VET/USD on TradingView
VeChain, the 35th ranked cryptocurrency on CoinMarketCap, is one of the few alts that is still making its way to recovering the losses incurred back in March. At the time of writing, VeChain was priced at $0.005, with the token’s price still a long way away from its resistance at $0.008.
However, the last few days have accrued some gains for the token, with 5 of the last 7 price candles found to be green, suggesting some bullishness. This was highlighted by the findings of the Awesome Oscillator and the stabilizing Chaikin Money Flow.
