Traditionally, thanks to their high correlation statistics with Bitcoin, altcoins have often reflected the biggest crypto moves in the world. However, this has not exactly been the case for all cryptocurrencies, including Polkadot, Cosmos, and IOTA, especially late.
It was a good year if you are a DOT holder. As the year 2021 started with Polkadot [DOT] valued at just over $ 4, at the time of writing this article it was valued at $ 37.94. In fact, on the back of an uptrend that started in mid-January, DOT has climbed sharply in the charts, with the crypto registering one ATH after another every few days.
While Bitcoin’s range-limit behavior blocked it for a while, it was not long before DOT regained its performance heading north on the charts. At the time of going to press, the DOT was recording YTD Returns of 357%.
The magnitude of the uptrend in the DOT market is evidenced by its technical indicators. As Parabolic SAR the dotted markers were well below the price of the candles. And the relative strength index was well above 80 in the overbought zone.
Polkadot made headlines yesterday after announcing that the crypto-index protocol The Graph will provide full support for Polkadot, among others.
Cosmos, the 19th-ranked cryptocurrency on CoinMarketCap’s list, like Polkadot, has seen a strong uptrend since the start of February. In fact, like DOT, ATOM has walked too far to hit a new ATH on the price charts. At press time, however, corrections appeared to be setting in, with the crypto falling more than 8% in the past three days.
This depreciation was an interesting anomaly, however, especially since the rest of the crypto market was rallying at the time. In fact, just yesterday BTC broke the $ 55,000 mark.
The Bollinger Band suggested that some degree of short-term price volatility was inevitable. In addition, the Awesome oscillator underlined the bullish momentum of the market, with the histogram flashing green signals.
IOTA, once a popular mainstay in the crypto market’s top 10, no longer ranks so high, with the crypto ranked 24th on CoinMarketCap. Like Cosmos and Polkadot, IOTA is also climbing the charts last week. However, unlike DOT and ATOM, IOTA’s movements have not been so steep, with the crypto increasing by over 28% over a 4-day period.
At the time of writing, a trend reversal or corrections did not appear to be in progress since the MACD the line was well above the signal line, the Chaikin Money Flow was around 0.20, highlighting the strength of capital inflows into the IOTA market.
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