The cryptocurrency market has turned red and the price of most altcoins has come down. Altcoins like SushiSwap, Klaytn and Terra have tried to stabilize, but the declining market has made it difficult.
SushiSwap [SUSHI]
Source: SUSHIUSD on TradingView
The price of the SushiSwap token has been moving sideways since mid-March but tested the $ 11.27 level. The digital asset peaked at $ 24 but has since declined. It fell above the support at USD 19 almost immediately and moved along the support at USD 11.27.
At the time of writing, SUSHI was trading at $ 11.64. The Bollinger Bands divergence had already taken shape due to the sell-off, but if the price falls below the support, volatility could increase.
SUSHI was already near the oversold end and as selling pressures persist the asset may dip into the oversold zone as indicated by the relative strength index. As the bear market builds, SUSHI traders may wish to exercise caution.
Klaytn [KLAY]
Source: KLAYUSD on TradingView
With a market capitalization of $ 4.43 billion, Klaytn was trading at $ 1.96. The digital asset hit $ 5.45 in March and was restricted below $ 4.59. KLAY retested this resistance, but traders were unable to push the price higher. The price collapsed breaking the immediate support at $ 2.51.
When the price collapsed, bears took over, but volatility remained limited at press time. The sellers have brought the digital asset closer to the oversold zone and as the price has continued to fall, KLAY could soon enter the oversold zone. The increased bear market was also highlighted by MACD as it stayed below the signal line.
Terra [LUNA]
Source: LUNAUSD on TradingView
The Terra project has progressed gradually in the market and has not seen any major price increases for some time. At press time, the project’s native crypto LUNA was trading at $ 13.31 as it fell from its immediate support at $ 13.83.
Despite trading in a low volatility market, LUNA has already moved towards the oversold zone. However, this could be due to the low trading volume in the market.
The money was still leaving the market, as indicated by Chaikin Money Flow. While not exactly bearish, digital asset fundamentals appeared weak at press time.
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