In the cryptocurrency markets today, the majority of coins were traded in red. While some assets have rallied this month, most noticed trendless price action. Ethereum, for example, has shown uneven volatility for the past few days, however, as of press time, its technical indicators showed decreased volatility during immediate trading sessions. Chainlink presented a shorting opportunity with a chance of a breakout and buyers found their way back to Ethereum Classic.
Ethereum’s price movement appeared to be staggering as the volatility of the coin remained choppy for the past few weeks. At the time of going to press, the coin was trading at $ 1976 and despite a daily gain of 5%, the ETH price action remained inconclusive.
Its value lost 6.8% over the past week and the coin’s trading volume is down 6.42% since yesterday. Ethereum broke its key support level of $ 2035 on July 12 and has since traded below that price level. If prices of the coin don’t turn up, the next level of support for ETH would be at $ 1,850.
The Bollinger bands showed a slight tightening indicating a decrease in market volatility over immediate trading sessions. Parabolic SARs dotted lines under the candlesticks indicating the beginning of an uptrend in prices.
Finally, that MACD Histograms showed the build-up of bullish strength as the green bars grew. The indicator also saw a bullish crossover on July 15th.
Chain link (LINK)
Chainlink showed a rebound through July 8th and continued to break through support levels thereafter. With prices currently stagnating, staying between the $ 17.84 and $ 15.14 price levels, the coin was valued at $ 15.94.
As the bears caught price momentum, price volatility decreased, as if by Bollinger bands a form to press.
The Squeeze Momentum Index also showed that the market has just gotten into a corner, indicating low volatility. However, there is a chance that prices could break out for LINK as it has been consolidating in a narrow range so far. The red histograms on the indicator also indicated a shorting possibility.
Great oscillator issued mixed signals in the past few days with green signal bars occasionally present between red signal bars, although green signal bars were dominant at the time of writing, indicating a bullish trend.
Ethereum Classic (ETC)
ETC is up 3.0% in the past 24 hours, bringing the asset closer to the $ 42 resistance level that had previously acted as a support level. A look at the 4-hour technical analysis chart showed that if the asset climbed past the $ 42 resistance level, the immediate resistance level would be at $ 42.98.
With prices increasing daily, the market capitalization for ETC also increased by 2.98%. Next, as prices moved within a consolidated region, the buy signal was strong, as in the Relative Strength Index. The indicator was trending upward, suggesting that there were more buyers than sellers at this point.
Since buyers found priority in the market, Chaikin money flow also saw an increase in capital inflows at the time of writing.
Finally, that Average direction index Indicator was observed just below the 20 mark, suggesting that ETC had entered the trendless price movement zone. Given the overall technical outlook, it is unclear when ETC could expect a rebound.