It would seem that the supposed “altseason” that people were calling for back in July has lost steam off-late. Not only were most of the market’s alts badly affected by Bitcoin’s staggering fall in early-September, but most of them haven’t recovered since either. In fact, very few of them have taken Bitcoin’s lead to register a recovery of sorts on their price charts. This was evidenced by the case studies of Ethereum Classic, Dash, and Chainlink.
Chainlink, the cryptocurrency ranked 8th on CoinMarketCap’s charts at the time of writing, has had a good 2020, with the alt’s performance in early-August being the obvious highlight. However, this particular surge wasn’t to last because as soon as LINK hit its ATH on the charts, the cryptocurrency fell to a correction wave. The mini-market crash on 2-3 September only accelerated such a fall on the charts.
However, while LINK did recover (Climbing by over 20%), it did so only briefly, following which, the cryptocurrency was down by over 16% again. This, despite the fact that Bitcoin was continuing to consolidate its healthy position above $10,800, at the time of writing.
While the placement of the Parabolic SAR’s dotted markers pointed to bearishness in the market, the Chaikin Money Flow was dipping down the charts towards -0.10, a sign of greater capital outflows.
Chainlink made news a few days ago after it was revealed that Crypto.com will be integrating Chainlink’s price feeds into its DeFi wallet offering.
Ethereum Classic [ETC]
Contrary to most of the market’s alts, Ethereum Classic’s price movements have been topsy-turvy over the past few months. While the month of August did see ETC climb on the charts, the month also saw the network fall victim to three 51% attacks, both of which had a lasting effect on the ecosystem and the cryptocurrency’s price.
Unlike Chainlink, however, ETC had failed to record any recovery of note since Bitcoin’s fall pulled it further down the price charts. In fact, at the time of writing, ETC was trading within a tight trading channel, with no bullish or bearish movement imminent.
As far as the technical indicators are concerned, while the Bollinger Bands were slightly apart and implied some degree of volatility in the near-term, the Relative Strength Index was gradually climbing up towards the neutral zone, a sign of buyers gaining some momentum.
With ETC’s history of 51% attacks, many have come forward with proposals to ward off the same, with Dexaran being the latest one to do so.
DASH, one of the market’s foremost privacy coins, has also suffered at the hands of the world’s largest cryptocurrency’s depreciation. However, like Chainlink, DASH did recover, albeit brielfy, before it was pulled down the price charts again. In fact, the cryptocurrency climbed by over 19% before a correction wave slashed its value by over 8%.
The lack of market momentum was highlighted by the cryptocurrency’s Awesome Oscillator, while the MACD line was too close to the Signal line, a sign of the DASH’s near-term future and movement being uncertain.