The altcoin market has been responding to the surge witnessed in the Bitcoin market and the value of most cryptocurrencies has increased in the past few days. However, this hype may not be sustained in most altcoin markets.
Filecoin [FIL]
Source: FILUSD on TradingView
The Filecoin market saw the token’s value hit as high as $189 recently, after which it began to retrace. The price has dropped under the support at $179.97. Currently, the price was consolidating between $172 and $179, while the market was turning bearish.
The volatility has reduced in the market as highlighted by the convergence of the Bollinger bands. Whereas, the signal line and 50 moving average, although under the candlesticks, were noting a possible trend change as they were moving higher.
Meanwhile, the token was also dropping under the equilibrium zone as the relative strength index dropped under 50. The momentum in the market was towards the sellers as the retracement continued.
IOTA
Source: IOTAUSD on TradingView
IOTA saw a strong surge in value on 10 April from $1.9 to $2.09. The asset hit this resistance and tried to surpass this level, but did not succeed. At the time of writing, the value of the coin was heading towards the support at $1.94.
With the market still volatile, the selling pressure could increase in time. The RSI was indicating that even IOTA was noting a higher selling pressure as the value of the indicator moved away from the equilibrium zone and towards the oversold zone. Meanwhile, the Awesome Oscillator affirmed that the sellers were gaining momentum.
Enjin Coin [ENJ]
Source: ENJUSD on TradingView
The Enjin price has been seeing a parabolic rise in the value of the asset. This rise has been witnessed in the past few days when the value of the digital asset started to march higher from $2 and peaked at $4. However, the price was at a downward curve and was trading at $3.10.
The RSI has already dropped to 45 and has remained close to the overbought zone. Meanwhile, the MACD indicator which was bearish until now has turned bullish with the MACD line crossing over the signal line. If the buying pressure continues to rise, the coin may continue to consolidate.
