Bitcoin’s dominance of the cryptocurrency market entails that most of the market’s alts usually follow its lead. This was the case on the 11th of June as well after the world’s largest cryptocurrency’s latest attempt to breach $10k failed and XRP, Algorand, and Dogecoin were among the cryptos to fall.
XRP
Source: XRP/USD on TradingView
XRP, once the third-largest cryptocurrency by market cap, is not on the coattails of Bitcoin and Ethereum on the charts anymore. In fact, it was overtaken by Tether [USDT], the market’s most dominant stablecoin, a few weeks ago, a development that didn’t brighten the mood of many in the XRP community.
The development was part of the steady downtrend XRP found itself in on the charts, a downtrend it has been on since it recovered most of its Black Thursday losses. In fact, at the time of writing, priced at $0.19, XRP was being traded at levels well below its value in the first week of May. What’s worse is that XRP’s YTD returns remain disappointing – 0.68%.
In what is better news, however, a former CFTC Chairman has come forward to claim that XRP isn’t a security.
While the Parabolic SAR’s dotted markers were placed well above the price candles, the Chaikin Money Flow noted a proper uptick on the charts, suggesting growing capital inflows.
Algorand [ALGO]
Source: ALGO/USD on TradingView
Algorand’s progress since the crash back in March has been slow, even glacial. While it has almost recovered all the losses it had incurred that day, the larger price performance of the token remains a little stagnant, with its trends flattening since the month of June. That being said, priced at $0.24, ALGO did note a 7.3% hike over the past week, suggesting that there is still life in the token.
While the Bollinger Bands were slightly wide to reflect recent volatility, the Relative Strength Index was climbing towards the overbought zone on the charts.
Algorand was in the news recently after the Foundation announced that it will be using Chainalysis’s KYT tool to crack down on money laundering.
Dogecoin [DOGE]
Source: DOGE/USD on TradingView
Everyone’s favorite meme-coin, Dogecoin has remained within the same price band since the month of May, with its price-performance punctuated by brief crests and troughs on the charts. DOGE’s performance and indeed its trading volume is an interesting anomaly since many, pejoratively, consider it to be the market’s foremost sh*tcoin. And yet, it continues to stand strong on the cryptocurrency charts.
Over the past week, however, DOGE noted a fall of almost 5%. Further, while the MACD line was well below the Signal line, the Awesome Oscillator pictured barely any momentum for the meme-coin in the market.
