Bitcoin’s performance over the past few days has had a significant impact on the rest of the crypto-market. While the collective market cap surged, individual tokens on the charts prospered as well. However, this wasn’t the case universally as quite a few cryptocurrencies chose to move in the opposite direction. The cases of Monero, Ethereum Classic, and Decred highlighted such opposing behavior.
Monero, the crypto-market’s premier privacy coin, was one of the many alts to register positive movement in the month of September. However, late-October and November have been a different story, with XMR falling dramatically on the charts. In fact, while Bitcoin, a cryptocurrency Monero shares a high correlation with, surged on the charts, Monero fell, with the altcoin down by almost 8% on the charts over the week.
At the time of writing, XRM was trading well below its local top, with the privacy coin registering YTD returns of 142%, at press time.
The ensuing bearishness in the XMR market was evidenced by its technical indicators as while the Parabolic SAR’s dotted markers were well above the price candles, the MACD line, on the wrong side of the Signal line, was heading below the histogram.
Monero made headlines a few days ago after it was revealed that it was the target of a “clumsy,” Sybil attack.
Ethereum Classic, the 35th-ranked cryptocurrency on the charts, has fallen on the charts since the month of August, a month that saw the ETC network come under a series of 51% attacks. While ETC’s price wasn’t immediately affected, the market-wide depreciation towards the end of August fueled losses across the board for those owning Ethereum Classic bags.
While Bitcoin’s recent movement did push ETC’s value up by almost 10%, the bears in the market were quick to pull down the value of the crypto again, with ETC falling by over 5% soon enough.
As far as the indicators are concerned, both the Bollinger Bands and Awesome Oscillator implied that more movement to the downside may be in the works. While the fairly uniform bands were drooping downwards, the AO was in the negative.
The network was in the news a few weeks back after Chainsafe and ETC Labs announced the launch of an ETC-DAI Bridge.
Decred had been trapped in an endless cycle of sideways movement in October. However, November brought new joy to the altcoin’s market as DCR has surged over the past two weeks. In fact, in the previous week alone, DCR has climbed by over 30% on the charts. It should be noted, however, that at the time of writing, Decred was still trading well below its resistance level, a price point it last touched in mid-August.
Decred’s positive price movement was supported by the findings of its indicators as while the Chaikin Money Flow was well above zero and highlighted the strength of capital inflows, the Relative Strength Index was hovering right near the overbought zone.