After a week that saw Bitcoin, the world's largest cryptocurrency, drop dramatically, BTC was soon in recovery mode. In fact, at the time of writing, it was valued at just under $10,700, with the cryptocurrency's performance boosting the altcoins of the market as well. Taking the lead of BTC, many of these alts, including complexions, Dogecoin and BAT, posted recoveries on their charts. However, if this will be enough to reverse the prevailing bearish trend it is a completely different story.
Tezos' charts reveal that cryptocurrency has been in a very sharp bearish trend since its highs in mid-August 2020. The bearish trend in question was only worsened by the depreciation across the market on September 2-3, and the $500 drop from Bitcoin a few days ago. In fact, after the latter, XTZ was seen as falling by more than 21%.
However, at the time of the press, some recovery was afterwards, with the last two daily candles on Tezos' charts flashing green. At the time, XTZ was being traded at its April 2020 price levels.
Despite the above-mentioned appreciation, however, a trend reversal was not yet in order. While the dotted parabolic SAR markers remained well above price candles, the cash flow chaikin dropped to -0.10, a sign of much more capital outflow than capital inflows.
Tezos made news a few days ago after a French investment bank selected its blockchain for its experiment on CBDCs.
Basic Attention Token [BAT]
Brave browser native cryptocurrency Basic Attention Token, also known as BAT, as Tezos, fell from its high year in August 2020 to trade at its May 2020 levels at the time of writing. While BAT's downtrend was not as steep as Tezos', the former fell more than 15% on the charts in the past week. Accompanied by minimal trading volume, BAT, however, has made some gains in the last 24-48 hours.
While the Bollinger Bands' mouth remained wide to suggest some degree of entry price volatility, the Incredible Oscillator was imagining a negative moment in the market.
BAT was in the news a few weeks ago after a study revealed that the Brave browser’s native cryptography was among the tokens that are at risk against fake deposit exploits.
Dogecoin, the main "meme currency" in the crypto market, was one of the few alts to perform poorly in late July and August. In fact, in addition to a 3-day period in July, which saw DOGE rise more than 100% on the charts, the cryptocurrency has not seen any noticeable increase in its charts in recent months. After the corrections that followed the increase mentioned above, DOGE continued to trade within a tight channel.
At the time of writing, however, there were signs that a brief reversal may be in order, since the last two price candles for DOGE were flashing green. The same was evidenced by the technical indicators of the cryptocurrency, while the MACD line was crawling on the Signal Line after a bullish crossover, the Relative Strength Index registered a sharp peak that saw it move away from the oversold zone.