With the price of Bitcoin falling 0.8% in the past 24 hours, the altcoin market also saw similar price action. Most altcoins showed signs of a downtrend despite relentless sideways trading.
Monero flashed strong sell signals with a sharp drop in capital inflows, while IOTA’s market cap fell 3.52% with dire signs of recovery. Eventually, DASH could see price reversal in the charts.
Monero continues to trade within a range but has also seen a 1.5% decline in the past 24 hours. XMR was nearing its crucial $ 200 support. At press time, the price of the crypto asset was $ 208.19, and if Monero’s price continued to drop, the Alt would touch its closest support level and then $ 186.50. At the time of going to press, XMR was losing momentum and it seemed like only a matter of time before it touches support levels.
The Bollinger bands further tightened at press time, suggesting no steep price move was in sight. The Relative Strength Index saw a decline, suggesting a decrease in buying pressure as sellers outnumbered buyers in the market. The indicator was below the 45 mark.
In accordance with this is the Chaikin money flow fell sharply and approached the -0.40 level as capital inflows declined significantly.
IOTA’s trendless price movement has finally taken the path of the downside as it lost 4.5% of its value in the past week and declined 1.2% in the past 24 hours. IOTA lost momentum and was trading very close to its immediate support level of $ 0.75. A slight push from the bears would mean that the USD 0.68 support level could also be broken.
Interestingly on the Chaikin money flow, an uptrend was observed that marked an increase in capital inflows precisely with the consolidation of the price. The Average direction index highlighted trendless price movement in the charts. At the time of going to press, however, the indicator had risen above the 20 mark, which signals a recovery, albeit with market weakness.
The Bollinger bands noticed a bottleneck at the time of writing, indicating that no sharp price movement should be expected during the upcoming trading sessions as market volatility remained low.
DASH was trading at $ 125.58 at press time and if the price continues on a downtrend the Alt may drop to the $ 110 support level. In the event that the price jumps up from $ 125.58, the Alt could see resistance around the $ 146 mark. At the time of writing, there was a strong sell signal for traders, especially as the asset prepared to approach the crucial support level of $ 110.
The Bollinger bands seemed converge significantly, with few signs of market volatility. However, the downward movement of the altcoin may show signs of reversal, such as on the Parabolic SAR, the dotted lines appeared under the price candles.
Finally on the Ingenious oscillator, At the time of going to press, negative signals were visible.