After yesterday’s pump, the cryptocurrencies fell into the red. Despite price adjustments, the bitcoin reversal put significant pressure on other altcoins. MATIC’s trading volume fell and the pressure to buy eased. Filecoin showed no signs of increased volatility and finally, Solana’s current price action could potentially see consolidation soon.
MATIC’s pricing was around the $ 1.01 level at the time of writing. If prices continue to move down, the coin could trade below $ 1.00 with the coin losing 7.5% of its value in the past 24 hours. Matic’s trading volume was down 13.68%, which explains the decrease in buying pressure in the market.
Chaikin money flow showed that Capital inflows fell sharply. The bullish momentum faded and the bearish signal increased MACD Indicator as the coin went through a bearish crossover today.
A weakened price trend was seen as Average direction index was spotted near the 20 mark. If the prices remain at roughly the same level, MATIC could show a trendless price movement again.
On a weekly chart, Filecoin has recovered 8% of its lost value. FIL’s price volatility could remain stable considering how the Bollinger bands stayed parallel with a slight convergence at the time of going to press.
That Relative Strength Index represented a sharp drop in buying pressure since yesterday, but at the time of going to press the indicator was rising slightly, suggesting that buyers were slowly returning to the market.
Squeeze momentum indicator stated that when the market was cornered, volatility was low and that any further decline in prices would represent a short selling opportunity.
Solana gained 13.1% in the last 24 hours; However, it followed the steps of other altcoins and posted a 3.6% decline. At press time, the coin was priced at $ 28.39. The movement of the coin after the July 21 rally has been slow and steady, however the bulls lost strength as the coin rejected the $ 31 resistance level.
Relative Strength Index showed an upward move which meant buyers were returning to the market. Average direction index was approaching the 20 mark, which meant that Solana could re-enter price consolidation and trade within a limited range.
However, there was still declining pressure in the market Ingenious oscillator, the red signal bars became smaller.