Following the market-wide trend of consolidation, the altcoin industry also witnessed the same price sentiments. ADA, for instance, started to depict range-bound movement after hitting an all-time high, a few days ago.
Litecoin recorded a minor dip of 3.3%, while eyeing the $161.90 support line as buying pressure lost strength. Lastly, VeChain remained consolidated within $0.127 and $0.115 levels.
ADA dipped on its chart by 1.7% over the last 24 hours and was trading at $2.76. The alt demonstrated range-restricted movement on the chart. ADA was trading between the price range of $2.93 and $2.76.
A further dip from the aforementioned price levels would push the token to its immediate support of $2.66 and then at $2.39. ADA’s movements signal bearish price patterns as confirmed by the technical indicators.
Relative Strength Index fell below the 50-mark as buying pressure fizzled out. Awesome Oscillator displayed red signal bars.
Conversely, capital Inflows remained on the bullish side as the Chaikin Money Flow stood above the half-line. A break above the current price level could propel ADA to revisit the $2.93 and $3.07 mark respectively.
LTC was trading at $168.67 after it recorded a loss of 3.3% since yesterday. It moved closer to its immediate price floor of $161.90. Further profit-taking in the market could drag prices down to $143.24.
Selling Pressure drove the Relative Strength Index south within the bearish zone. Awesome Oscillator flashed a sell signal along with red signal bars indicating negative price action.
MACD underwent a bearish crossover and showed the onset of red bars on its histogram. If Litecoin’s bearish outlook doesn’t hold, the prices could rise to test the $177.61 and $188.43 levels respectively.
VET declined by 1.3% and was priced at $0.117. The coin flashed consolidated movement on its four-hour chart. VET consolidated between $0.127 and $0.115.
Bollinger Bands, in correlation to the same, also showed tightening of the bands. If VET trades within this range longer than a few trading sessions, prices could hit the $0.103 price floor.
Buying strength remained low as the Relative Strength Index was spotted at the 40-mark. MACD experienced a bearish crossover and subsequently displayed red bars on its histogram.
A break on the upside would mean that VET would encounter an immediate resistance at $0.127 and then at $0.145.