Although the Bitcoin market was recovering from yesterday’s decline at press time, some altcoins saw a lot of selling pressure on the charts. Chain link [LINK] was one of the altcoins that still trended down in the long run, with Ethereum Classic and Zcash also seeing some variance.
Chain link [LINK]
The daily chart for Chainlink saw a consolidation between $ 16.34 and $ 20.29. The asset bounced within that range, rejecting resistance at $ 20.29 for the third time.
At the time of writing, LINK was trading at $ 17.89, a level that acted as local support within the above range. Price could find some balance and momentum here to push for a breakout above.
Unfortunately, as of press time, the market remained bearish with little volatility. The Bollinger bands converged on the charts, underlining low price movements. Additionally, the rise in selling pressure resulted in a drop out of the overbought zone.
The Stochastic RSI remained in the overbought territory for most of July but crashed when the sell-off began. However, the asset stayed close to the overbought zone, which meant the buyers hadn’t let go of LINK.
Ethereum classic [ETC]
The Ethereum Classic chart highlighted that the point of control [Red line] was $ 33.32 for the prevailing period. This meant that traders were actively trading at the above level. This level could serve as support for price trading at $ 49. However, this was a price difference of $ 16.
The Visible area suggested that ETC did not trade above $ 50. Therefore, if ETC declines, it could fall close to support. The price at press time hit another level of support at $ 49. Price could be at a tipping point – either buyer or seller could trigger another price swing.
With market sentiment remaining fearful, the bears appeared to have an advantage. The Directional Movement Index indicated rising downward pressure as the -DI outperformed the + DI. Still, the trend was not strong enough to continue.
In the meantime it is RSI stayed near equilibrium, indicating that buyers would not give up.
Zcash’s price fell below the support level at $ 108.51 while the Alt price was $ 107.46. The price of crypto fell within a descending triangle, which could lead to another drop on the charts. Unlike most of the altcoins on the market, ZEC’s charts recorded some bullish sentiments.
The markings of the Parabolic SAR aligned under the candlesticks – A sign of a rising price trend. In the meantime it is Aroon The upline stayed above the downline, highlighting the bearish winds in the market. Although the market remained in money, the tides changed.
This uptrend vanished from the market as the candlestick markers closed and the upline hit a point of possible crossover. Traders should stay vigilant. The capital inflows also remained higher than the capital outflows.