While Bitcoin’s influence on the wider altcoin market remains as overwhelming as ever, it isn’t uniform and consistent across the board. The same was evident when the price actions of alts such as XRP, SUSHI, and Zcash over the last few days were observed. While some like SUSHI and Zcash were continuing with their downtrends on the back of BTC’s movement, XRP, to the surprise of some, was climbing again.
Once one of the regulars in the crypto-market’s top-5, XRP, at the time of writing, was ranked 7th on CoinMarketCap. Over the past few weeks and months, legal proceedings and delistings have not only affected volumes and values significantly, but have also allowed other cryptos such as Polkadot, Cardano, and Binance Coin to overtake it.
Contrary to most of the altcoin market, XRP was hiking on the charts, despite the fact that BTC was struggling to breach $55,000 at press time. In fact, the alt was up by over 13% in just over a day. Before that, when Bitcoin had initially corrected itself, so too had XRP, however.
XRP’s indicators highlighted the market’s bullishness as not only were the Parabolic SAR’s dotted markers well under the price candles, but the Chaikin Money Flow was climbing above zero too.
According to a recent analysis, there is a likelihood that selling pressure could build within the altcoin’s market. If the Relist XRP campaign gains steam, this would be very unlikely.
The market’s eighth-largest DeFi token, SUSHI was among the many altcoins to drop dramatically on the charts on the back of Bitcoin’s recent corrections. In fact, in the last 3 days alone, SUSHI has depreciated by over 17%, with the token expected to lose even more of its value in the near-term. At the time of writing, the crypto was trading at a level last seen in the first week of March.
Backed by very minimal trading volumes, SUSHI’s indicators sided with the market’s bears. While the mouth of the Bollinger Bands was drooping south at press time, the Awesome Oscillator pictured an uptick in negative market momentum.
Despite recent performances, however, an argument can be made in favor of the notion that cryptos like SUSHI and AAVE can lead the next altcoin rally in the market.
One of the market’s leading privacy coins, Zcash, like SUSHI before it, has been on a downtrend since it hit a local top on the charts a few days ago. In fact, since then, the altcoin has fallen by over 17%. Thanks to the same, ZEC, at the time of writing, was over 95% away from its ATH from over 4 years ago.
ZEC’s indicators highlighted the market’s bearishness as while the MACD was well under the Signal line, the Relative Strength Index was skirting the oversold zone.
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