As most major altcoins depicted bearish price action, the likes of Cardano, TRON and Filecoin also mirrored the same price patterns. Cardano was trading right below its support line of $2.20 after it declined by 12.9%.
TRON inched closer to its one-week low price of $0.088 as it depreciated 11% over the last 24 hours. Lastly, Filecoin could attempt to revisit its one-month low price of $65.80 if its buying pressure didn’t recover over the next trading sessions.
Cardano (ADA)
ADA/USD, TradingView
Cardano depreciated by 12.9% and was trading at $2.07. It just broke below its support line of $2.20 and was inching close to its $1.72 price floor. Technical outlook for Cardano was bearish.
Relative Strength Index was positioned near the 20-mark which suggested that ADA was oversold. MACD flashed red bars on the histogram indicating negative price action. Bollinger Bands opened up in anticipation of increased price volatility over the upcoming trading sessions.
If ADA’s buying pressure resurfaces, the coin can push above its immediate resistance mark of $2.49. Additional price ceilings stood at $2.79 and $3.04 respectively.
TRON (TRX)
TRX/USD, TradingView
TRON declined by 11% over the last 24 hours and was valued at $0.092. Its immediate price floor stood at its one-week low mark at $ 0.088. The other support level below the aforementioned price line lay at $0.081.
Parameters for TRON indicated negative price action. MACD continued to flash red bars on the histogram. TRON experienced oversold conditions as the Relative Strength Index affirmed the same. Chaikin Money Flow was below the half-line as it noted a decline in capital inflows over the past few days.
On price revival TRON’s overhead resistance was at $0.095. Toppling over which, the other resistance lines stood at $0.106 and $0.112 respectively.
Filecoin (FIL)
FIL/USD, TradingView
Filecoin was trading for $75.49 after it recorded a sharp fall of 11% over the past day. The nearest support line for Filecoin was at $73.65 and then at its one-month low of $65.80. On the four-hour chart, Filecoin’s price was observed underneath the 20-SMA line.
This reading signified that price momentum was in the favour of sellers in the market. MACD displayed red bars on the histogram. Relative Strength Index stood inside the oversold zone. Awesome Oscillator observed red signal bars.
On the flipside, FIL can encounter its first resistance point at $81.68 and then at $92.10. The next price ceiling stood at FIL’s multi-month high of $117.53.
