Bitcoin maintaining its price position above the $11,000-mark was good news for the rest of the crypto-market, with most of the market’s alts, many of whom had exhausted July’s momentum, registering notable gains on the charts. Altcoins like Chainlink and Zcash were among them, with both climbing rapidly to touch new levels. Alas, EOS was one of the few market cryptos to not share such a positive sentiment.
Chainlink has been one the market’s best-performing cryptos over the last 8-10 months. In fact, not only was it registering YTD gains of 467%, at the time of writing, but its price performance has also often led to speculations that it might be the one to finally lead the altseason. While LINK was slow to recover following the market crash in March, it spiked exponentially in July, a hike that has only gained pace in August.
At press time, LINK was trading at $10.33, having recently surged to its ATH on the charts. This ATH came on the back of LINK climbing by over 38% over the last 7 days.
The scale of the bullishness in the LINK market was evidenced by its technical indicators as while the Parabolic SAR’s dotted markers were placed well below the price candles, the Chaikin Money Flow could be seen climbing towards 0.20, a sign of improving capital inflows.
LINK’s performance has been great news for its investors, with 100% of LINK’s addresses in profit, at the time of writing.
EOS, once a popular mainstay in the top-10 of the cryptocurrency ladder, isn’t doing so well anymore. In fact, over the past few months, it has been overtaken by the likes of Chainlink, Cardano, and Crypto.com Coin on the charts, with EOS ranked 12th, at the time of writing. Like most alts, EOS had also climbed the charts on the back of Bitcoin’s surge a week ago. However, unlike most, EOS failed to sustain itself, with waves of corrections soon overwhelming the crypto.
Over the last week, EOS depreciated by almost 9% on the charts.
While the Bollinger Bands were contracting slightly in what would be a sign of falling price volatility, the Awesome Oscillator pictured a lot of bearish momentum in the market.
Zcash, one of the market’s popular privacy coins, was ranked 22nd, at the time of writing. Like Chainlink, Zcash too profited immensely in the month of August, with the price of the cryptocurrency soaring on the chart to touch levels unseen since July 2019. In fact, ZEC was up by almost 26% over the last week, giving credence to the fact that the market’s altcoins have well and truly recovered from the crash in March.
While the MACD line was soaring over the Signal line on the charts, the Relative Strength Index was holding fort right at the edge of the overbought zone.