A plunge in Bitcoin’s price over the past day led to the alts experiencing similar movement. The top coin lost 2.6% of its valuation during this time, while Litecoin and DOT too sank over 1%. The coins continued their downtrend at the time of writing, even as they moved in constricted price ranges, while maintaining crucial support levels.
Bitcoin [BTC] –
As China’s mining clampdown materialized, the drop in Bitcoin’s mining difficulty led the coin’s price to surge by $1,000 on Saturday. Moreover, in July, BTC had registered an overall jump of over 9% in prices until yesterday. However, the price plunged 2.6% in the past day and the asset was trading in the red at $34,294 at the time of writing.
Nevertheless, the king coin maintained its support level at $32,377 since 27 June, while the $36,545-resistance had not been breached since the 18 June dip. Bollinger Bands were observed to converge slightly on the charts. Ergo, a steep price action due to market volatility may be unlikely.
The signal and indicator lines on MACD appeared to be at the beginning of a bearish crossover, as its histogram indicated the fading of bullish momentum.
Moreover, Relative Strength Index (RSI) dropped below the median line early this morning as sell-off began to dominate the market. However, the indicator line began moving eastward just below the equilibrium, as the bulls tried to push back.
Litecoin [LTC] –
BTC’s “silver” counterpart, Litecoin also fell by 4.49% since yesterday. The coin plunged after testing the $149 resistance mark and continued to move in its price range between $149 and $130, where it had been oscillating since 27 June.
Parabolic SAR’s dotted line shifted course, hovering above the candlesticks, as the coin’s price movement began to follow a bearish trend.
Even as the coin’s trading volume surged 13.39% in the past day, capital outflows intensified yesterday as Chaikin Money Flow pictured a steep plunge. The indicator did stop right at the zero-line, post which a tiny uptick could be noticed at press time.
While a bullish momentum had been dominating the coin’s charts since 3 June on Awesome Oscillator indicator, the appearance of a red bar on the top indicated that bearish momentum was creeping up.
Polkadot [DOT] –
DOT remained sandwiched between the price range of $17 and $13.5, where it had been since the late June dip. The coin was trading in the red at $15.5 at the time of writing, having plunged 1% over a 24-hour period but gaining 4.3% over the week.
The MACD closed in on a bearish crossover, as the signal and indicator lines converged and the bullish momentum on the histogram subsided. The parallel movement of the Bollinger Bands suggested that steep price action was not imminent.
Selling pressure mounted yesterday as Relative Strength Index (RSI) plunged below the median line. However, it remained in neutral bearish territory and was moving sideways at the time of writing.