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Bitcoin’s performance in recent days has had a significant impact on the rest of the cryptocurrency market. As collective market cap has increased, individual tokens on the charts have also thrived. However, this has not been universally the case as some cryptocurrencies have chosen to move in the opposite direction. The cases of Monero, Ethereum Classic and Decred have shown such opposite behaviors.
Currency [XMR]
Source: XMR / USD on TradingView
Monero, the leading privacy coin in the cryptocurrency market, was one of many halts to see positive moves in September. However, the end of October and November were a different story, with XMR dropping drastically on the charts. Indeed, while Bitcoin, a cryptocurrency that Monero shares a high correlation with, rose on the charts, Monero fell, with the altcoin down nearly 8% on the charts over the week.
At the time of writing, XRM was trading well below its local high, with the privacy coin posting year-to-date returns of 142% at press time.
The resulting downside in the XMR market was highlighted by its technical indicators while the Parabolic SAR dashed indicators were well above the candle price, i MACD line, on the wrong side of the signal line, was heading under the histogram.
Monero made headlines a few days ago revealed which was the target of a “clumsy” attack from Sybil.
Ethereum Classic [ETC]
Source: ETC / USD on TradingView
Ethereum Classic, the 35th ranked cryptocurrency, has dropped in the rankings since August, which saw the ETC network suffer a 51% spate of attacks. Although ETC’s price was not immediately affected, the depreciation at the market level towards the end of August fueled losses across the board for those who own Ethereum Classic exchanges.
While the recent move in Bitcoin caused ETC’s value to rise by nearly 10%, bears in the market were quick to reduce the value of the cryptocurrency again, with ETC falling by more than 5% fairly soon.
Regarding the indicators, both i Bollinger bands is Fantastic oscillator implied that further downward movement may be underway. While the fairly even bands were falling to the bottom, the AO was negative.
The network was in the news a few weeks ago after Chainsafe and ETC Labs announced the launch of an ETC-DAI bridge.
Decred [DCR]
Source: DCR / USD on TradingView
Decred had been trapped in an endless cycle of lateral movement in October. However, November has brought new joy to the altcoin market as the DCR has risen over the past two weeks. In fact, in the previous week alone, the DCR rose more than 30% in the rankings. It should be noted, however, that at the time of writing, Decred was still trading well below its resistance level, a price point last touched in mid-August.
Decred’s positive price movement was supported by its indicator results while the Chaikin money flow was well above zero and highlighted the strength of capital inflows, the Relative strength index was hovering right near the overbought zone.
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