Several cryptocurrencies have taken a hit this week, with altcoins emerging from their consolidation phase to invade bearish territory.
EOS dropped its tech support level of $ 3.40 and was trading at $ 3.21 at press time, while MATIC has seen a significant drop in the past few days. On the contrary, DASH was trading at $ 124, up 6.7% from yesterday’s prices.
EOS has been an undeniably bearish trade as, at the time of writing, it was down 12% in the last 24 hours. That downward thrust resulted in EOS seeing its market cap drop by 11.90%. The altcoin has traded between $ 3.70 and $ 3.40 for the past few days before falling again. The last time EOS hovered in this price range was June 21-22.
When the price fell sharply and the coin broke out of its consolidated range, the Average direction index moved above the 20 mark and implied a period of prevailing market weakness. The Chaikin money flow was on an upward trend even though capital outflows were greater than inflows. However, it was too early to ask for a turnaround.
A bearish crossover was made on MACD Just 24 hours ago and since then, the bearish signal has increased in size and strength.
Since MATIC broke the $ 1 support level, it has been in a strong downtrend. MATIC lost 33.4% of its value in the past week and fell by 16.6% over the course of the day. On the 4-hour technical analysis chart, the alt was at $ 0.66. MATIC’s market cap was negatively impacted as it plunged nearly 16.12% to total $ 4.2 billion.
MATIC’s decline resulted in it hitting the oversold zone multiple times in just over a week. While Relative Strength Index recovered and only rose above the mid-line yesterday, at the time of going to press the altcoin was again undervalued and oversold. A downward trend was also on the rise, as was the reading of the Great oscillator.
In accordance with further price movements that Bollinger bands had expanded greatly.
DASH has done well over the past 24 hours, bouncing back from its consolidated price move by 6.7%. The technical outlook for DASH was optimistic despite corrections at the time of going to press, with the Alt being among the top winners in the market. In addition, DASH is preparing for the Q2 Quarterly Call of the DASH Core Group, which is to take place on July 22, 2021.
Price fluctuations can be determined by considering the diverging Bollinger bands. IIf the price continues to rise, the Alt can again test the resistance level around the $ 140 mark. The Relative Strength Index touched the overbought zone and fell back from there. However, the token was still seeing a surge in demand as buyers were still benefiting from sellers in the market.
A bullish crossover on the MACD Indicator took place on July 19th and the coin appeared to be on an uptrend as the green histograms got bigger.