The cryptocurrency market has been witnessing a continuous change in trends. While Bitcoin tries to hold on to its $34k price level, other altcoins were also trying to establish stable ground but not all of them have been successful. Bitcoin’s price was at an important juncture; trends in the altcoin markets like EOS and Ethereum Classic may change if BTC breaches its level.
Bitcoin met with some selling pressure as its value hit resistance at $37,586. However, the digital asset continued to trade at $37,382 at the time of press. Buying pressure has also remained prominent in the market.
As BTC traded close to this level, we can see an increase in buying pressure. Relative Strength Index remained in the oversold zone as BTC was trying to recover from the fall on 19 May. The emergence of ample buying pressure pushed it out of this zone and was now moving toward equilibrium. Despite a bullish price momentum taking shape in the market, sellers were still dominant.
The largest cryptocurrency may continue to trade at this level as the trading activity remained high in this range.
EOS’ price has been undergoing a consolidation phase as it held on to a value above support at $5.63. At the time of press, it was trading at $6.38, where trading pressure was increasing. The Visible Range indicator highlighted more action between $6.14 and $6.59 which meant that the current price was supported by the traders.
Meanwhile, 50 Moving Average was moving parallel to the current price which was a sign of reduced bearishness in the market. Despite the current bullish outlook, money was flowing out of EOS market. This was highlighted by Chaikin Money Flow, which remained in the negative.
As EOS moves forward, the price may continue to trade between $5.63 and $7.24.
Ethereum Classic [ETC]
As Ethereum Classic traded at $68.43, 50 MA was offering support to the price. As the price remained above MA, market indicators were suggesting that a trend reversal could push the value of ETC higher.
Volatility has reduced in the market, which was a good sign and could lead to ETC maintaining its gains. Signal line has also slumped closer to the candlesticks and might cross under it as price trends higher. Directional Movement Index [DMI] was seeing a potential crossover of +DI above the -DI, this meant that the upwards price pressure was now rising.
This support from the traders could boost the value of ETC and put the resistance at $80.96 to test.
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