Litecoin, Algorand, DASH Price Analysis: 16 October
Despite talk of an altseason rearing its head a few months ago, it would seem now that most of the market’s altcoins have reverted back to following Bitcoin’s lead. The world’s largest cryptocurrency fell below $11k in the first week of October, following which, BTC was quick to climb and hold a position above the $11,300-mark.
Its movements were mirrored by the altcoin market, with many alts like Litecoin, Algorand, and Dash climbing on the back of BTC’s recovery before correcting themselves on the price charts.
Litecoin, the crypto-market’s tenth-ranked cryptocurrency, mirrored the movements of Bitcoin to the tee. However, while LTC did climb when BTC did, the silver crypto chose to correct its price instead when Bitcoin was busy consolidating its position above the $11,000-mark. It should be noted, however, that the aforementioned corrections were largely insignificant, with Litecoin recording losses of 2% since it climbed by 7.2% – All in a matter of one week.
The effects of the aforementioned appreciation in Litecoin’s price were still visible on the charts as while the Parabolic SAR’s dotted markers were well below the price candles and pointed to a bullish market, the MACD line was over the Signal line. It should be noted, however, that the MACD and Signal line seemed to be converging, ergo, a minor trend reversal might be in the works soon.
Trading at a level well below its mid-August 2020 highs, Litecoin was in the news recently after Grayscale Investments revealed that its Litecoin Trust saw the “most notable increase in appetite.”
Algorand’s movements, like Litecoin’s, more or less aped Bitcoin’s. Like most altcoins in the market, while ALGO saw its fortunes turn for the better in early and mid-August, it has since depreciated dramatically on the charts. In fact, at the time of writing, ALGO was trading at its July 2020 levels.
Unlike Litecoin, however, ALGO’s recent price corrections were significant, with the altcoin falling by 9.3% on the charts following a >12% appreciation.
Surprisingly, despite the staggering volatility in the Algorand market over the past week, the Bollinger Bands failed to highlight the same, with the mouth of the indicator holding firm with uniform width. Further, the Awesome Oscillator pictured minimal momentum on ALGO’s charts.
Algorand was in the news recently after it announced the launch of the Europe Accelerator program to help fund early-stage projects.
One of the market’s premier privacy coins, Dash too was at the end of a correction wave, one that saw the cryptocurrency drop by over 3% on the charts following a <8% hike on the charts. Trading at a price of $69.72 at the time of writing, the crypto was observed to be re-visiting its July 2020 levels again, with all its August 2020 gains wiped clean off the slate.
Despite some appreciation in the cryptocurrency’s value recently, its technical indicators weren’t uniformly highlighting the same. While the Chaikin Money Flow was noted to fall well below 0 as capital outflows exceeded capital inflows, the Relative Strength Index was mediating between the oversold and overbought zones on the charts.