As Bitcoin’s price tanked today, all major altcoins were trading in the red too. As observed with the altcoins, many of them trailed below their crucial support levels awaiting a retracement. ADA’s market cap declined by 4.03%, TRX registered an 8.9% decline in market price over the last week, and AAVE, despite a downtrend, observed considerable capital inflows at press time.
Cardano cut through the $1.25 support level as the coin fell down by 3.9% over the last 24 hours. The alt’s price could keep cascading down below and finally, find support at the $1.15 level before it shows a reversal. The alt has been steadily moving south thanks to a downtrend since the end of the first week of July owing to which, ADA stayed within a sell-off zone for the last couple of days.
If the price begins to undergo a correction, buying pressure would also find its way back to the market in correspondence with which the Relative Strength Index rose from the oversold zone. The mouth of the Bollinger Bands diverged at the time of writing and underlined a period of market volatility ahead of Cardano.
The Awesome Oscillator flashed strong bearish signals with the red signal bars gaining in size at the time of writing.
Tron sliced through the $0.059 support level and noted a dip of 1.6% against the US Dollar. If the bears continue to drive the price south, it’s quite possible for the alt to fall through to the $0.053 support level before the bulls find some visibility in the market. At press time, the alt was trading in the bearish zone and a retracement seemed possible since the value of TRX went below the $0.063 level.
As pictured by the chart, the altcoin underwent some choppiness with respect to its volatility, despite some sideways price action. The opening up of the Bollinger Bands, at press time, suggested that the price could see volatility over the next few trading sessions.
On 12 July, the digital asset underwent a bearish crossover and since then, TRX has moved under a bearish trend, as indicated by the MACD’s histogram. The Parabolic SAR also registered a downtrend, with the dotted lines above the candlesticks at press time.
AAVE has been trudging below the $271 support level on the back of a 6.8% decline over the last 24 hours and a sharp decrease in value over the last week. This considerable decline in price emanated a buy signal as capital inflows grew at press time, a finding backed by the Chaikin Money Flow.
If the coin doesn’t recover over the immediate trading sessions, the next stop for support would be at $249. The Average Directional Index was pictured below the 25-mark, suggesting market weakness at the time of writing.
The Parabolic SAR noted a downward shift in price as the indicator pictured the dotted lines above the price level, a reading that implied that the price could continue to slide south.
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