Despite reports suggesting that many of the market’s altcoins may be decoupling from Bitcoin, the valuations of these alts, by and large, remain dependent on the fortunes of BTC, the world’s largest cryptocurrency. This can be established by the fact that much of the market is still to recover from the cryptocurrency’s fall on the 27th of June, following which, while some like TRX recovered, others like Litecoin have not.
Litecoin [LTC]
Source: LTC/USD on TradingView
Litecoin, the market’s seventh-largest cryptocurrency, hasn’t registered the best of price performances over the past few weeks or so. In fact, a look at LTC’s charts would reveal that it has been on a steady, but gradual downtrend, with its position, made worse by Bitcoin’s sudden dips, such as the one on the 24th. At the time of writing, while LTC had done well since the aforementioned fall, it was still far from recovering all its losses.
Litecoin was trading at $41.16, having fallen by over 4.5% since the 24th of June.
The bearishness in the market was clearly visible as the Parabolic SAR’s dotted markers were well below the price candles. Further, while the Chaikin Money Flow had risen on the back of its short recovery, it soon fell, with the CMF near -0.20 at the time of writing, a sign of capital outflows being more than the capital inflows.
On the development front, Grin developer David Burkett recently gave an update on the MimbleWimble implementation on Litecoin, claiming that a testnet should be ready by mid-September.
TRON [TRX]
Source: TRX/USD on TradingView
Tron [TRX], once a popular mainstay that was a regular in the top 10 of the cryptocurrency rankings, isn’t so anymore. In fact, over the past 6-8 months, it has been overtaken by the likes of Cardano, Tezos, Chainlink, and Monero on the charts. Such a fall has done little to dispel the doubts of many who still allege that TRX runs solely on hype and marketing.
However, such allegations were recently countered by a report by Flipside Crypto which claimed that Tron actually has a very healthy ecosystem, as evidenced by TRX’s healthy supply.
Tron’s recovery post the fall on 24th June has been better than Litecoin’s, with TRX climbing by over 10% on the charts. It should be noted, however, that the crypto’s token has depreciated somewhat over the past 12 hours.
While the Bollinger Bands continued to expand on the charts and suggest volatility, the Awesome Oscillator noted the growing bearish momentum in the market.
Digibyte [DGB]
Source: DGB/USD on TradingView
DigiByte, the 37th-ranked cryptocurrency on CoinMarketCap and recently listed on Binance, has had a topsy turvy past few weeks, with the token climbing and falling regularly on the charts. However, such movement from DGB comes on the back of the token recording a remarkable rise in the final week of May 2020. Recent struggles apart, the cryptocurrency continues to be performing better than its May levels.
That being said, DigiByte’s minimal 24-hour trading volume of $8 million should be cause for concern, with its figures overtaken by the likes of Synthetix, ICON, Bitcoin Gold, and Binance USD.
While the MACD line was over the Signal line on the charts, a price reversal may be on the cards since the two were in close proximity, at the time of writing. Further, the Relative Strength Index was mediating right between the oversold and overbought zones.
