The cryptocurrency market has turned red and the price of most altcoins has been plunging lower. Altcoins like SushiSwap, Klaytn, and Terra have been trying to stabilize, however, the bearish market has been making it difficult.
The price of the SushiSwap token has been moving sideways since mid-March but was testing $11.27 level. The digital asset peaked at $24 but has been falling ever since; it dropped past support at $19 almost immediately and was moving along the support at $11.27.
At the time of writing, SUSHI was trading at $11.64. The divergence of Bollinger Bands had already started to take shape due to the sell-off but if the price drops under the support, volatility could increase.
SUSHI was already near the oversold end and as the selling pressure persists, the asset may dive into the oversold zone, as indicated by the relative strength index. With bearishness rising, SUSHI traders may want to practice caution.
With a market capitalization of $4.43 billion, Klaytn was being traded at $1.96. The digital asset hit $5.45 in March and it has been restricted under $4.59. KLAY re-tested this resistance once again, but traders could not push the price higher. The price collapsed and breached immediate support at $2.51.
As the price collapsed, bears took over the market but volatility remained restricted, at the press time. The sellers have pushed the digital asset closer to the oversold zone and as the price continued to move lower, KLAY may enter the oversold zone soon. The increased bearishness was also highlighted by MACD as it remained under the signal line.
The Terra project has been making gradual moves in the market and has not seen a major price swing in a while. At press time, the project’s native crypto LUNA was being traded at $13.31 as it dropped from its immediate support at $13.83.
Despite trading in a market with low volatility, LUNA has already moved towards the oversold zone. However, this could be due to the low volume of trades taking place in the market.
Money was still leaving the market as indicated by Chaikin Money Flow. Although not outrightly bearish, fundamentals for the digital assets appeared weak, at press time.