The crypto-market has been going through some tough times lately. While many expected Bitcoin, the world’s largest cryptocurrency, to finally sustain a breach of $12k and climb on the charts, the opposite happened. BTC fell dramatically on the charts, and the rest of the altcoin market followed suit. The likes of Zcash, Binance Coin, and Tezos were among those to follow Bitcoin’s lead. However, at the time of writing, each of these alts was registering distinctly different market movements.
Tezos, over the past 6-8 months, has for long been one of the market’s best-performing cryptocurrencies. At the time of writing, however, this wasn’t the case as XTZ had slipped down to the 16th position on CoinMarketCap’s charts. Despite noting YTD gains of over 82%, XTZ’s position on the charts has been usurped by the likes of USD Coin, Crypto.com Coin, and Polkadot.
Tezos fell by almost 27% on the back of Bitcoin’s price drop earlier this month. Since then, XTZ has been trading sideways, with minimal direction observed in either direction. In fact, at press time, XTZ was trading closer to its support level than its local top on the charts.
While the Parabolic SAR’s dotted markers underlined the market’s bearish nature, the Relative Strength Index was hovering close to the oversold zone on the charts.
Tezos was in the news recently after a long legal battle was settled finally before a U.S Federal Court judge.
Binance Coin [BNB]
The crypto native to one of the world’s most popular crypto-exchanges, Binance Coin is one of the few cryptos to recover all the losses incurred following Bitcoin’s price fall over 2-3 September. In fact, over the past week, BNB was observed to have risen by almost 26% on the charts. At the time of writing, however, BNB’s charts revealed that the final daily candle was a sharp red one, a finding suggestive of the fact that some corrections may be incoming.
While the mouth of the Bollinger Bands remained consistently wide to suggest some volatility in the near-term, the Chaikin Money Flow was dipping on the charts after sharply rising over the last few days.
According to a tweet from Binance a few days ago, BNB worth over $250M is being used to farm BEL tokens.
Zcash, one of the market’s premier privacy coins, has steadily lost market share over the past few months for a multitude of reasons. Not only has Monero emerged as a more popular option for those concerned with privacy, but more and more people are seemingly growing disinterested when it comes to privacy and crypto.
While late-July and early-August saw ZEC perform well on the price charts, its value has steadily fallen since it hit a local top. This downtrend was just made worse by Bitcoin’s fall in early-September, following which, ZEC, like Tezos, has continued to trade sideways. It should be noted, however, that despite such depreciation, ZEC was still trading at its early-July levels, at the time of writing.
While the MACD indicator suggested that a trend reversal might be forthcoming in the near-term, the Awesome Oscillator highlighted steady bearish momentum in the market.