Bitcoin’s market dominance was on display in the past 10 days after the largest cryptocurrency market rallied thanks to BTC’s performance on the price charts. Thanks to the strong correlation, most of the market share with BTC, the former, on the whole, pumped up. Despite a certain degree of corrections, at the time of writing this article, Tron, Synthetix, and Crypto.com Coin have continued to post gains on a weekly basis.
Tron [TRX]
Source: TRX / USD on TradingView
Tron [TRX], once a regular at CoinMarketCap’s top 10, was languishing in No. 18, at the time of writing. Thanks to its strong correlation with the world’s largest cryptocurrency, TRX rose in the charts after 10 days of price corrections. In fact, TRX is up over 14% last week alone. While the said rise came at a good time for the cryptocurrency, TRX was still trading at levels well below those seen in September.
Additionally, TRX was also well below its immediate resistance, a level last seen after its previous pump in late November.
While the Bollinger bands maintained their scale to maintain a certain degree of volatility in the market, the relative strength index mediated between the oversold and overbought areas on the charts.
Tron was in the news a few weeks ago after Justin Sun revealed that wrapped ETH was available on the Tron network.
Synthetix [SNX]
Source: SNX / USD on TradingView
The eighth largest DeFi token in terms of market capitalization, Synthetix has seen a headwind in recent months. While SNX hit new highs in August, its performance since then has not replicated that form. In fact, SNX’s charts since then have seen a series of ups and downs. The recent pump in the wake of Bitcoin’s performance was only the latest, with SNX climbing 22% during the week.
Despite the corrections made at the time of going to press, SNX was still trading near its resistance level, with SNX recording YTD Return of 702%, at the time of printing.
While the Parabolic SAR the dotted markers were well below the candle prices and underscored the uptrend of the market, Awesome oscillator noted a slight upturn in market dynamics.
Crypto.com coin [CRO]
Source: CRO / USD on TradingView
To suggest that Crypto.com Coin’s price movements during 2020 have been upside down would be an understatement. After months of steady progress in the charts, the CRO fell dramatically in October, with the cryptocurrency losing nearly 55% of its value in 30 days. And while CRO was able to prevent this depreciation from getting worse, the crypto was still trading at levels well below those noted in the third quarter of 2020.
Although the recent rise in Bitcoin helped push CRO’s value up by more than 13% in one week, a lasting reversal in the market trend is unlikely to materialize.
The MACD the line had slipped above the signal line behind recent CRO movements and Chaikin Money Flow remained around 0.20, a sign that capital inflows were greater than capital outflows from the market.
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