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After a period of sideways movement below the $ 11,000 mark in September, Bitcoin’s price has risen significantly in the charts. In fact, while October saw the cryptocurrency surge, November saw BTC touch levels not seen since January 2018.
Source: CoinStats
Bitcoin’s performance has had a knock-on effect on the rest of the cryptocurrency market, with Litecoin and Dogecoin also climbing. However, this performance was not universal as IOTA continued to drop in the charts.
Litecoin [LTC]
Source: LTC / USD on TradingView
From silver to gold to Bitcoin, Litecoin has long been known to replicate the movements of the world’s largest cryptocurrency. The past few days have also not been much different as LTC surged more than 6% after Bitcoin made its most recent attempt to breach the much anticipated $ 16,000 level. It should be noted, however, that the aforementioned increase came in the wake of Litecoin falling by more than 8%.
At the time of writing, Litecoin was trading at $ 61.57, with the cryptocurrency close to its resistance level since mid-August. Additionally, LTC posted year-to-date returns of 49.73%.
Litecoin technical indicators highlighted the upward trend of Litecoin movements while the Chaikin money flow was well above zero and indicated the strength of capital inflows, the Relative strength index it was close to the overbought zone.
Litecoin was in the news a week ago after it was revealed that Venezuela will be incorporating Bitcoin and Litecoin wallets into Patria’s remittance platform.
IOTA
Source: IOTA / USD on TradingView
IOTA, the 28th-ranked cryptocurrency on CoinMarketCap, has been operating within a tight trading channel for a long time. The same was true after Bitcoin’s exponential surge impacted the rest of the market. However, unlike Litecoin, IOTA charts have not seen the cryptocurrency rise on the back of that rise. In fact, by contrast, IOTA has dropped more than 5.3% in the past week.
That’s not all either because IOTA’s technical indicators revealed that cryptography was unlikely to rise anytime soon. While the Bollinger bands have been observed to contract around the candles in the price of the cryptocurrency, the MACD the line has been intertwined with the signal line, below the histogram.
IOTA made headlines recently after its co-founder Dominik Schiener argued that DLT will transform the supply chain into a demand chain that responds to consumer behavior in real time.
Dogecoin [DOGE]
Source: DOGE / USD on TradingView
Dogecoin, the market’s leading meme coin, hasn’t had much to cheer on in recent months. In fact, from a 120% surge in July, DOGE has steadily fallen on the charts, with the cryptocurrency soon trading within a last revised range in May and June. However, thanks to Bitcoin’s recent efforts, DOGE is climbing the charts again, with the cryptocurrency up 18% in a week.
The recent bullish trend in Dogecoin’s market can be underlined by the observations made by its technical indicators. While the Parabolic SAR dashed markers well below the price of candles, i Fantastic oscillator highlighted the growing momentum in the cryptocurrency market.
