The altcoin market seems to be in recovery mode at the moment after having registered losses in the past week. In the case of SushiSwap and Hedera Hashgraph this was evident, while for coins like LEO, strong bullish momentum continued to drive the market.
SushiSwap [SUSHI]
Source: SUSHI/USD, TradingView
SushiSwap began trending downward on 20th March and at the time of writing was trying to recover its losses. The coin traded at $16.3 and noted a 24-hour trading volume of over $2 billion. There is strong resistance around the $18-$22 price range and the coin had attempted to breach its immediate resistance on multiple occasions in the past. If a downtrend were to reappear in the market, the coin can rely on the $14.1 level to help stabilize it.
MACD indicator underwent a bearish crossover and signaled strong bearish sentiment in the market. However RSI remained in the neutral zone and if it is able to move closer to the overbought zone, SUSHI may be seeing the strong presence of buyers that can, in turn, help sustain its current position.
UNUS SED LEO [LEO]
Source: LEO/USD, TradingView
LEO has seen strong bullish momentum propel the coin to its current range and a trend reversal hasn’t been seen at the time of writing. LEO traded at $2.13 and was attempting to breach resistance range at $2.15 which could boost further price discovery for the coin. There are two strong supports at $2.05 and $1.9 if a price correction were to take place in the short term.
Bollinger Bands contracted significantly in the past few weeks and signal relatively low volatility in the current market. RSI indicator was also extremely bullish as it positioned itself in the overbought zone at the time of writing.
Hedera Hashgraph [HBAR]
Source: HBAR/USD, TradingView
In comparison to the previous coin, HBAR has had a lackluster performance in the past week. The coin endured a price correction and in the past day and saw a marginal dip of around 1.5 percent. This has also led to the coin trading sideways for a prolonged period.
At the time of writing, HBAR occupied 41st rank on CoinMarketCap’s list after having registered a market cap of around $2.6 billion. The coin has formidable resistance around $0.38 and support at $0.29. However, if the immediate support fails, HBAR may have to endure substantial losses as the next range of support is around $0.15.
MACD indicator for the coin has undergone a bearish crossover and showed no sign of a trend reversal. Stochastic indicator concurred with this sentiment as it was in the oversold zone.
