The cryptocurrency market has witnessed increased volatility, and often this volatility was visible in the altcoin market regardless of the bitcoin price. The current picture of most of the olds showed the strong increase in value, followed by a phase of price consolidation or the expectation of a massive price swing.
The alts like Crypto.com Coin [CRO], BitTorrent [BTT]and Decred [DCR] have indicated a level of upward movement in the market that has been taken over by the sellers.
Crypto.com coin [CRO]
Source: CROUSD on TradingView
The above table from Crypto.com [CRO] stated that the price of the digital asset has increased since mid-February. This bullish market is still almost overbought in March, as the relative strength index shows. However, it has now dropped to 54 which was closer to equilibrium.
While the 50 moving average stayed below the price bars, this indicates an upward trend in price. However, this upward trend lost momentum when the MACD indicator flipped over. The MACD line appeared below the signal line highlighting bearish sentiment in the market.
Bit torrent [BTT]
Source: BTTUSD on TradingView
BTT’s value has crossed multiple levels of resistance in the recent past, hitting $ 0.0035. The digital asset has been trading above the 50 moving average since early February, reflecting the strong uptrend in price.
While the relative strength index was already in the overbought zone when buyers saturated the market. Currently, the value of RSI was 71 and there may be a sudden sell-off to stabilize the value of the digital asset.
In contrast to most other Alts markets, the momentum was high, which could lead to a possible trend reversal.
Decreed [DCR]
Source: DCRUSD on TradingView
The decline in value has also noted a strong upward curve that supports the value of the digital asset. However, DCR has now entered a period of consolidation which caused its value to hover along the support at USD 153.78.
Meanwhile, the RSI suggested that the market more or less maintained equilibrium as the buyer and seller offset each other.
However, when the pressure to sell in the market increases, money can flow out of the market, which is indicated by the falling value of the chaikin money flow. Although bullish, there could be a bearish impact on the price of the altcoin as money drains.
Sign up for our Newsletter
Comments are closed.