With the total altcoin market cap undergoing a 6% fall on June 12, alts like Tezos, Cosmos, and Waves saw southbound price movement as well. These alts were already trading within their constricted ranges before experiencing yet another dip on the charts towards the end of June 11.
Last week, the Tezos Ecosystem highlighted the network growth in transactions as Tezos Israel won the Best Social Impact award at the AIBC Summit. However, this didn’t help the alt’s price trajectory as it saw an almost 10% fall in just one day. Further, Waves and Cosmos dropped by 7% and 11%, respectively.
In a recent analysis on the four-hour timeframe, Tezos registered sideways movement after the price fall on June 7. At press time, however, on the one-hour chart, XTZ’s price started showing southbound movement by the end of June 11, one which resulted in a 10% price loss for the asset. However, slight signs of recovery came up as green candlesticks on the one-hour chart started appearing at press time.
The asset was trading at $3.0, at the time of writing, after breaching the $3.1 support level. Before that, XTZ was fluctuating between the $3.1 support and $3.5 resistance and its next key support lay at $2.7.
The Bollinger Bands for the alt sharply diverged on June 12, highlighting an increased price range and low volatility. On the other hand, capital inflows remained low as the Chaikin Money Flow traded below the equilibrium mark and headed south.
Further, the MACD and Signal lines ran close to each other, with a recent uptick in the former indicating that a bullish crossover could take place.
WAVES was trading at $13.7, at press time, with the alt having fluctuated between the $12.9 support and $14.65 resistance mark since the June 7 price fall. The crypto-asset was down 66.63% from its all-time high and had an ROI over the past 30 days, vs USD, of -56.65%.
On the one-hour chart, Waves saw a 4.4% price increase as the Parabolic SAR’s dotted lines started to appear below the candlesticks. Corresponding to this, a bullish trend was on the up, according to the Awesome Oscillator as green bars appeared on the indicator.
Finally, the Relative Strength Index for the asset, which was briefly in the oversold zone, registered a sharp uptick on June 12, one which pulled it in the neutral zone. The RSI was at 43.7, at the time of writing, and highlighted a hike in buying pressure.
With the voting on Cosmos Hub’s proposal going on, the asset’s price saw a fall. The update that is set to increase the network’s inflation rate and would help protect it against unboding shocks has its vote’s deadline on June 16. Slight gains were seen at press time for ATOM with the appearance of the Parabolic SAR’s dotted lines below the candlesticks.
Relative Strength Index for the asset, after being in the oversold zone since June 11, registered a comeback to the neutral zone with a sharp rise in buying pressure that pulled the indicator up. However, at press time, the indicator saw a slight downward trend and held a position at 31.39, barely keeping the asset in the neutral zone.
Further, the Squeeze Momentum Indicator highlighted receding bearish pressure. With the recent ‘Squeeze release’ indicated by white dots and the appearance of the dark red bars, the momentum could turn positive.