- Following the performances of Bitcoin and Ethereum since January 28, the altcoin market has seen a significant rise. Bitcoin is currently trading at $ 37,641 and a 24-hour trading volume of $ 43 billion. For altcoin markets, the increase was by no means uniform. Cryptocurrencies like Chainlink, Cosmos, and Zcash have surged on the charts to record excellent gains. But if the BTC and ETH markets lose momentum, it is too early to predict whether these cryptos will be able to sustain their gains for longer.
Chainlink, currently the eighth largest crypto by market cap, had a good start to 2021 and has risen exponentially on the charts. After a 20% increase in the past 7 days, it even recorded a new ATH on the crypto price charts. However, it should be noted that the transaction volume is not as high as in mid-January.
LINK’s technical indicators give very contrasting views on the strength of the crypto market. While the dotted signs of the Parabolic SAR were below the price candles and highlighted the rise, the Chaikin Money Flow continued to fall below zero, a sign that capital outflows are strengthening.
Chainlink made headlines with the announcement of UNESCO’s participation in the Global Education Coalition recently.
Cosmos (ATOM) price analysis
The crypto currency Cosmos, which is in the 25th place on the lists, made an interesting start to the year. After reaching an ATH in the charts in mid-January, a major decline followed. The overall performance of the crypto market over the past few days has been good and ATOM is now trading close to ATH levels again. Looking at the ATOM indicators shows that a new ATH may be seen soon.
The width of the Bollinger Bands indicates that short-term price volatility is coming, while the MACD line has crossed the Signal line after the bullish trend.
While the movements of Bitcoin and Ethereum have played an important role, many in the community believe that the upcoming Stargate update is contributing to the ATOM rally.