The altcoin market is striving for stability but only a few markets have been witnessing low volatility. The premier altcoin, Ethereum [ETH] has recovered from the weekend fall and has moved higher with low volatility, but Dogecoin [DOGE] and XRP markets have been witnessing a rise in volatility that could have a bearish impact.
The Ethereum chart above indicated that after hitting support at $2,0039, the price has recovered. At the time of writing, ETH was being traded at $2,447 although the selling pressure was rising.
The convergence of Bollinger bands was indicative of the low volatility in the market. The signal line was currently supporting the falling price and still noting a fairly bullish outlook. The recovering price has also given way to the buying pressure, but as the relative strength index indicated, the current sell-off was pushing ETH lower, towards the equilibrium zone.
Momentum appeared high indicating a battle between the buyers and the traders at the current price level.
Dogecoin market has been trending lower ever since the plunge witnessed on 20th April. The price was holding on to the support at $0.2962 for a long time, but recently was pushed under the price level.
At the time of writing, DOGE was being traded at $0.2680 in a bearish market.
This bearishness was confirmed by various indicators. Bollinger Bands were diverging for more volatility whereas the signal line has moved higher above the candlesticks. Relative strength index has dropped to the oversold zone, suggesting the traders have been selling their DOGE.
MACD line has crossed over the signal line indicating the growing bearishness in the DOGE market.
The XRP market has been moving along the $1.34 price level. After oscillating at this point, XRP has currently moved under this level and was approaching immediate support at $1.26. While the volatility rises, selling pressure could push XRP under its immediate support.
Meanwhile, relative strength index was approaching the oversold zone and with growing sell-off, it could enter the oversold zone shortly. The growing sell-off has resulted in the money leaving the market. Ever since the plunge in price over the weekend, Chaikin Money Flow has indicated that the money has been flowing out of the market.
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