Key Insights:
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Although multiple altcoins rallied considerably, the crypto market still lost $65 billion.
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Elrond and Theta led the recovery for the altcoins.
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Despite the continued depegging of USDD, Tron managed to rise by 9%.
While the crypto market closed in red once again, some altcoins managed to slip past the bearishness and gain considerably. On the other hand, Bitcoin continued to disappoint the investors, falling below $21k at the time of writing.
Elrond (EGLD)
After maintaining red candles for 13 days straight, EGLD declined by 51.74% to trade at $41.59. In the last three days, there was some recovery which built expectations that EGLD might reclaim $60 soon.
But yesterday’s 7.8% drop pushed EGLD back to $50. Regardless, EGLD still gained and, in the last 24 hours, rose by 13%.
Plus, going forward, it might continue down this path, given the indication of an uptrend according to the Parabolic SAR.
Tron (TRX)
Still fixing its USDD depegging and TRX crash debacle, the cryptocurrency attempted recovery yesterday after rising by 13.25%, and even though, at the time of writing, TRX painted a red candle with a 3% decline, it was still among the topmost rallying coins.
The altcoin is gaining support from the investors as the recovery saved it from falling into the oversold zone, and this will also be helpful in reclaiming the 32% loss from the last week.
Solana (SOL)
Following in the footsteps of Elrond, Solana, too, marked a solid recovery in the last two days and plunged by 10.89% today.
Although in the previous 24 hours, it is still up by 11% since the day before, it marked a 21.6% rally. Trading at $30.9, SOL is still far from recovering the 28.5% crash observed this week.
Although it might get some support from the market as price indicators suggest rising bullishness. As per MACD, the coin rejected a bearish crossover, and the active bullish crossover was sustained.
Theta Network (THETA)
Among the day’s top performers was the native token of the Theta Network, THETA, which managed to almost recover all of its losses from this week after rising by 23%.
However, this rally could not sustain for a long time as the broader market bearishness brought the altcoin down by10.37% today.
Although it is still higher up than where it was two days ago, THETA failed to reclaim the 50-day Simple Moving Average and flip it into support for rising further.
Avalanche (AVAX)
Unlike the rest of the coins, Avalanche actually went the other route of only invalidating all the gains from the day before.
With a 12% recovery, AVAX was inching closer to eliminating the 37% losses from the week early, but a 12% dip today resulted in the altcoin losing all of its growth.
As per the Awesome Oscillator, the chances of recovery are actually further declining since the bearishness (Red bars) continues to grow.
This article was originally posted on FX Empire