The cryptocurrency market has been ailing bearishness and the market was seeing the prices of various assets drop steadily. However, despite the bearish turn of events many altcoins have been holding strong and going against the popular trend.
Chainlink [LINK]
Source: LINKUSD on TradingView
The Chainlink market has lost 9.48% of its value within a day. The price plunged from $31.55 to $28.56, however, it found support at $28.89 and has bounced back since.
At the time of writing, LINK has been trading at $29.27 but despite a turnaround in the price, the market was still extremely bearish. The Parabolic SAR markers have aligned above the candlesticks, which was suggesting the price was still moving lower and the market has remained bearish.
Whereas, the Relative Strength Index noted that the sell-off pushed LINK towards the oversold zone, but as the price stabilizes, RSI has been moving towards equilibrium.
Cosmos [ATOM]
Source: ATOMUSD on TradingView
The Cosmos market just lost major support at $22.02 as the sell-off began. Its value dropped by 14% in 17 hours, from $22.37 to $19.19. However, as the sellers took a brief pause, the buyers pushed the value of the digital asset higher and it was trading at $20.72, at the time of press.
The major plunge in price has made led to an extremely bearish ATOM market. The 50 moving average has remained way above the candlesticks, indicating the sharp drop in its value. Whereas the volatility has remained high which could pose as a sign of trouble for asset’s value.
The RSI dropped under the oversold zone with the sudden sell-off. However, as buyers flocked to the market, the value of RSI was approaching the equilibrium zone.
FTT Token [FTT]
Source: FTTUSD on TradingView
FTT lost 7.59% of its value in thirteen hours, from $41.46 to $38.31. This sell-off was followed by a period of retracement. The recovery has pushed its value to $39.57, however, it has not reversed the bearish trend.
As the selling pressure invaded the FTT market, the RSI dropped below the oversold zone and remained in this zone for a while. The buyers were seen building the market once again and pushing the sellers out. However, the market lacked the momentum to turn bullish.
The Awesome Oscillator affirmed the lack of momentum, but the emergence of green bars could cause the market to become less bearish as buying momentum rises.
