Traditionally, altcoins often reflect the world’s largest crypto moves, thanks to high correlation statistics with Bitcoin. However, that doesn’t seem to be the case for all cryptocurrencies these days, especially for the likes of Cosmos and IOTA.
Cosmos (ATOM) price analysis
The cryptocurrency Cosmos, ranked 19th on CoinMarketCap’s list, has been following a sharp upward trend since the beginning of February. However, crypto has started to see corrections, dropping over 8% in the past three days.
However, the depreciation in question was interpreted as an interesting anomaly, especially as the rest of the crypto market was on the rise at the time. Just yesterday, BTC crossed the $ 55,000 mark. ATOM also increased by over 32% in two days.
The Bollinger Bands suggested that some degree of short-term price volatility is inevitable. Additionally, the Awesome Oscillator highlighted the bullish momentum in the market with the histogram flashing with green signals.
IOTA price analysis
Once a popular cryptocurrency in the top 10 of the crypto market, IOTA ranks 24th on CoinMarketCap at the time of this writing. Like Cosmos, IOTA has climbed the charts last week. But unlike ATOM, IOTA’s movements were not that steep, and crypto saw an increase of over 28% in a 4-day period.
Since the MACD line is far above the Signal line at the moment, there does not appear to be a trend reversal or corrections. Chaikin Money Flow is approaching 0.20, underlining the power of capital inflows to the IOTA market.
On the news side, IOTA came up with the announcement that the IOTA Foundation will work with Curv Custody to expand the token ecosystem.