Several cryptocurrencies have taken a beating this week, with altcoins leaving their consolidation phase behind to enter the bearish territory.
EOS broke off its technical support level of $3.40 to trade at $3.21 at press time, while MATIC noted a significant decline over the past few days. On the contrary, DASH was trading at $124, up by 6.7% when compared to yesterday’s prices.
EOS was an undeniably bearish trade as it registered a 12% fall over the last 24 hours, at press time. This downward push led EOS to witness a fall in its market capitalization by 11.90%. The altcoin was being traded within the price range of $3.70 and $3.40 over the last couple of days, before it fell once again. The last time EOS hovered in this price range was on 21-22 June.
As the price descended sharply and the coin broke off from its consolidated range, the Average Directional Index moved above the 20-mark and implied a period of prevailing market weakness. The Chaikin Money Flow registered an uptick despite capital outflows being higher than inflows. That being said, it was too early to call for a reversal.
A bearish crossover was seen on the MACD just 24 hours ago and since then, the bearish signal has grown in size and strength.
Ever since MATIC broke off the $1 support level, it has been on a strong downtrend. MATIC lost 33.4% of its value over the past week and it declined by 16.6% on the daily timeframe. On the 4-hour technical analysis chart, the alt was priced at $0.66. The market capitalization of MATIC was adversely affected as it dipped by almost 16.12% and stood at $4.2 billion.
MATIC’s fall in price pushed it to touch the oversold zone a couple of times in just over a week’s time. While the Relative Strength Index recovered and went above the centerline just yesterday, at press time, the altcoin was once again undervalued and oversold. A bearish trend was on the rise too, as pictured by the reading of the Awesome Oscillator.
In accordance with further price movements, the Bollinger Bands had widened considerably.
DASH has been performing well over the last 24 hours, recovering by 6.7% from its consolidated price movement. The technical outlook for DASH was bullish at press time, despite corrections, with the alt among the market’s top gainers. In other news, DASH is getting ready for its DASH Core Group Q2 Quarterly Call scheduled to occur on 22 July 2021.
Price fluctuation can be anticipated by looking at the diverging Bollinger Bands. If the price hikes further, the alt can again test the resistance level around the $140-mark. The Relative Strength Index touched the overbought zone and fell back from there. However, the token still saw a hike in demand as buyers still gained on the sellers in the market.
A bullish crossover on the MACD indicator took place on 19 July and the coin seemed to be on a bullish run as the green histograms increased in size.
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