Following a week that saw Bitcoin, the world’s largest cryptocurrency, fall dramatically, BTC was soon in recovery mode. In fact, at the time of writing, it was valued at just under $10,700, with the cryptocurrency’s performance giving impetus to the market’s altcoins too. Taking BTC’s lead, many of these alts, including the likes of Tezos, Dogecoin, and BAT, posted recoveries on their charts. However, whether any of this will be enough to reverse the prevailing downtrend is a different story altogether.
Tezos’s charts reveal that the cryptocurrency has been on a very sharp downtrend since its highs in mid-August 2020. The downtrend in question was only made worse by the market-wide depreciation on 2-3rd September, and Bitcoin’s $500 fall a few days ago. In fact, following the latter, XTZ was observed to have fallen by over 21%.
However, at press time, some recovery was ensuing, with the last two daily candles on Tezos’s charts flashing green. At the time, XTZ was trading at its April 2020 price levels.
Despite the aforementioned appreciation, however, a trend reversal wasn’t in order yet. While the Parabolic SAR’s dotted markers remained well above the price candles, the Chaikin Money Flow had fallen to -0.10, a sign of capital outflows being much greater than capital inflows.
Tezos was in the news a few days ago after a French investment bank selected its blockchain for its experiment on CBDCs.
Basic Attention Token [BAT]
Brave browser’s native crypto, Basic Attention Token aka BAT, like Tezos, fell from its yearly highs in August 2020 to trade at its May 2020 levels, at the time of writing. While BAT’s downtrend hasn’t been as steep as Tezos’s, the former did fall by over 15% on the charts over the past week. Accompanied by minimal trade volume, BAT did, however, make some gains over the last 24-48 hours.
While the mouth of the Bollinger Bands remained wide to suggest some degree of incoming price volatility, the Awesome Oscillator was picturing negative market momentum.
BAT was in the news a few weeks ago after a study revealed that Brave browser’s native crypto was among the tokens that are at risk against Fake Deposit Exploits.
Dogecoin, the crypto-market’s foremost ‘meme coin,’ was one of the few alts to perform badly in late-July and August. In fact, apart from a 3-day period in July which saw DOGE surge by over 100% on the charts, the cryptocurrency hasn’t noted any notable uptick on its charts over the past few months. Following the corrections that followed the aforementioned surge, DOGE has continued to trade within a tight channel.
At the time of writing, however, there were signs that a brief reversal may be in order since the last two price candles for DOGE were flashing green. The same was evidenced by the crypto’s technical indicators as while the MACD line was creeping over the Signal Line following a bullish crossover, the Relative Strength Index registered a sharp spike that saw it move away from the oversold zone.