The cryptocurrency markets saw a majority of coins trading in red today. Despite some assets having recovered over this month, most noted trendless price movements. Ethereum for instance, depicted uneven volatility over the last few days, however, at press time its technical indicators showed decreased volatility over immediate trading sessions. Chainlink displayed a shorting opportunity with chance of a breakout, and buyers found their way back to Ethereum Classic.
Ethereum’s price movement seemed to vacillate as the coin’s volatility remained choppy over the last few weeks. At press time, the coin traded at $1976 and despite a daily gain of 5%, ETH’s price action has remained inconclusive.
Its value depreciated by 6.8% over the last week and the trading volume of the coin fell by 6.42% since yesterday. Ethereum breached its vital support level of $2035 on July 12 and ever since, it traded below that price level. If the coin’s prices don’t turn toward the upside, the next support level for ETH would be at $1850.
The Bollinger Bands depicted a gentle narrowing that indicated a drop in market volatility over immediate trading sessions. Parabolic SAR’s dotted lines lined up below the candlesticks which pointed towards the onset of an uptrend in prices.
Finally, the MACD histograms noted the build-up of bullish strength, as the green bars grew in size. The indicator also saw a bullish crossover on July 15.
Chainlink showed recovery till July 8 and after that it continued to breach support levels one after the other. Currently, as its prices had stagnated and stayed between the $17.84 and $15.14 price levels, the coin was valued at $15.94.
As the bears took hold of the price momentum, price volatility decreased as indicated by the Bollinger Bands forming a squeeze.
The Squeeze Momentum Index also depicted that the market just entered a squeeze, indicating low volatility. However, there is a possibility that prices could break out for LINK, since was consolidating in a tight range so far. The red histograms on the indicator also suggested a shorting opportunity.
Awesome Oscillator gave out mixed signals over the last couple of days, with green signal bars present intermittently between red signal bars, though, at the time of writing, green signal bars were dominant indicating a bullish trend.
Ethereum Classic (ETC)
ETC gained 3.0% over the last 24 hours, bringing the asset closer to the resistance level of $42 which had previously acted as a support level. Looking at the 4-hour technical analysis chart, it appeared that if the asset moved up beyond the $42 resistance level, then the immediate resistance level would be at $42.98.
With daily increase in prices, market capitalization also went up by 2.98% for ETC. Further, as prices were moving within a consolidated region, the buy signal was strong as reflected on the Relative Strength Index. The indicator noted an uptick, implying that buyers were more in number than sellers at that point.
As the buyers found precedence in the market, the Chaikin Money Flow also saw a surge in capital inflows at the time of writing.
Finally, the Average Directional Index indicator was observed just a little below by 20-mark, implying that ETC had entered into the trendless price movement zone. Looking at the over all technical outlook, it is unclear as to when ETC could expect a rebound.
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