Major altcoins have registered a significant amount of positive gains over the past week as top assets continued to follow the likes of Bitcoin and Ethereum in the charts. However, the bullish momentum appeared to decline momentarily as Bitcoin dropped below $11,000 in the market. The impact has resonated across the altcoins market as well.
After reaching $55 in the charts over the past day, Litecoin registered a minor decline dropping down to $53. The asset appeared to undergo a correction period but over the past-day, the gains have been high at 8.81 percent. Litecoin had a market cap of $3.46 billion at the time of the press but maintained its position at 8th in the rankings.
Market Indicators suggested a contrasting trend for the token. Bollinger Bands strongly converged in the charts indicative of reduced volatility. However, MACD suggested a trend reversal as an upper hand was noticed on the side of the bears.
For Bitcoin Cash, the narrative continues to remain bullish after witnessing a growth of 6.34 percent in the charts. At press time, the asset was priced in $273, sustaining a higher position above its immediate support at $243.
A minor decline was observed for BCH as well but at the moment, the token was back towards an incline. BCH registered a market cap just above $5 billion in the charts.
Surprisingly, Parabolic SAR suggested a bearish trend for the asset as the dotted lines appeared above the candlesticks but CMF suggested higher capital in-flows than out-flows at the current time.
After coming fairly close to $0.23, XRP pictured a minor drop in the charts where the valuation seemed to decline down to $0.220. Major market indicators were turning bearish as well, with Parabolic SAR exhibiting a bearish outlook going forward. Reduced volatile levels are suggested by Bollinger Bands but a glimpse of hope remains.
Awesome Oscillator, even though bearish exhibited the gradual decline of bearish momentum as the red candles started to diminish. Such a sign may indicate trend reversal for the token over the next few hours.
XRP had a market cap of $9.88 billion, a little shy of the $10 billion range.
Lastly, Cardano remained the only top asset in the charts that had registered a depreciation over the past 24-hours. The asset registered a downtrend from $0.152 to $0.137 at press time, exhibiting its decreasing correlation from the rest of the market.
With a market cap of $3.46 billion, Cardano remained at 7th in the charts, and Market Indicators suggested a bearish trend at the moment.
Buying pressure had steadily dropped in the charts according to Relative Strength Index or RSI and Parabolic SAR suggested a continuous bearish trend.