As the cumulative capitalization of the crypto market declined, the market capitalization of altcoins such as XRP, TRX, and MATIC also fell to around $ 30 billion, $ 4.6 billion and $ 6.7 billion, respectively. Over the past week, these altcoins have seen significant losses and are entering bearish territory at the time of writing.
However, they continued to move within limited price ranges as market volatility remained moderate or stable. Even so, the sellers remained the dominant force in the market.
XRP’s 4-hour chart saw significant losses, with a 1-day price drop of 4.9% and a 7-day drop of 3.6%. While the coin broke the USD 0.69 resistance twice in the past week, it was unable to hold it. It continued to find support at $ 0.58 and was trading at $ 0.64 at the time of writing.
The Bollinger bands this is because the asset was moving in a parallel direction, suggesting that market volatility was stable and that strong price movements were unlikely in the future.
The buying pressure for XRP began to rise the day before since Relative Strength Index (RSI) moved below the median line. The indicator has since oscillated in the neutral bearish zone and the downward tick indicated the increasing dominance of sellers.
The MACD registered a bearish crossover around the same time as the signal line (red) moved over the indicator line (blue). A stable market could cause the coin price movement to be limited between the $ 0.69 resistance and the $ 0.58 support.
TRX recorded only moderate losses over the course of the day with a 24-hour price decline of 0.9%. After breaking the $ 0.063 resistance level on June 27, the coin found new resistance at $ 0.070. The previous level of resistance had turned into strong support which was being tested at the time of writing. It noted a 24-hour decrease in trading volume of 6.72% and was priced at $ 0.063.
The Parabolic SARThe dotted line of ‘continued to float above the candlesticks as the Alt’s price action followed a bearish trend that matched the June 30th decline.
The altcoin chart also showed the build-up of bearish momentum with the appearance of red bars below the line on the Great oscillator‘s histogram.
In addition, capital inflows fell yesterday as the Chaikin money flow get under equilibrium. Outflows were comparatively clearer, even if the indicator remained in the neutral declining area below the zero line. However, a small upward trend at the time of writing has caused inflows to pick up again.
Polygon (MATIC): –
MATIC experienced an unfavorable week with a price decline of 11.8% during this period. At the time of writing, it was trading at $ 1.056 and its price action has been between the $ 1.253 resistance and the $ 1.06 support level since June 21. The 17th ranked coin lost 3.91% of its market cap in the past 24 hours and was 59.9% lower than its ATH in May.
The Bollinger bands MATIC had started to differentiate, which indicated an increase in market volatility and sharp price movements can be expected in the future. The Parabolic SARThe dotted line on the coin has been hovering above the candlesticks since June 30th as the price movement of the coin followed a bearish trend.
The Relative Strength Index (RSI) moved below the median line around the same time as selling pressure increased and outperformed buying pressure. The indicator stood at 41 at the time of writing and its move towards the south underscored the continued dominance of sellers.
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