Quite a few major cryptocurrencies have shown signs of recovery after collapsing abruptly yesterday. In fact, some of the alts were doing well. Trading volume for most altcoins rose yesterday, a result that confirmed panic selling. However, in the last trading sessions before press time, LINK, TRX and SUSHI each saw a decline in trading volume.
LINK continued to see high volatility on its trading charts while TRX saw short-term bullish momentum. Finally, SUSHI saw a surge in capital inflows amid Trident’s announcement, “The Next Generation AMM”.
Chain link [LINK]
Chainlink is up 6.1% over the past 24 hours, with the alt at $ 14.65 at the time of writing. The price of the token has been in a downward trend since Bitcoin’s loss in value. LINK broke through its key support levels of $ 15.14 and $ 13.80 to hover near the $ 13 level, but the price rebounded from that zone shortly thereafter. It is now important for LINK to break the USD 15.98 resistance level to trigger a full price reversal.
The Bollinger bands indicated a divergence, which meant that the price could go up or down in the upcoming trading sessions. In accordance with this is the Squeeze momentum indicator also pointed to a squeeze release that resulted in high market volatility.
Interestingly, that is Parabolic SAR still imagined a downtrend with the dotted lines above the candlesticks at the time of writing. This value would mean a trend reversal if LINK continued to secure intraday profits.
TRX was trading at $ 0.053, up 5.7% since yesterday. For the past few days, the bears in the market have become aggressive, forcing TRX to break through key support levels one at a time. If the altcoin manages to stay above the $ 0.053 level, positive signs of recovery could continue.
Demand for TRX automatically skyrocketed as TRX began to appreciate in value over the past 24 hours. The Relative Strength Index recovered from the oversold zone and noted increased buying pressure at the time of going to press. The Great oscillator registered green signal bars that flashed bullish.
The Average direction index below the 40 mark, indicating that the prevailing trend was bearish and a new trading range could soon develop.
SUSHI’s price volatility has been quite choppy lately. However, it rebounded from its weekly losses as the coin stood at $ 6.70 on a 6.8% gain from yesterday. From the technical analysis chart, it appeared that the coin was preparing for a bullish crossover followed by a short-term bullish run.
The MACD Registered red bars at press time, but a bullish crossover won’t be far if price continues to rise. Capital inflows came back into the market as the Chaikin money flow climbed north, well above zero.
Finally, that Bollinger bands largely paralleled, with slight convergence suggesting that price levels would be roughly the same range in the immediate future.