Several consolidations have driven the altcoins to climb higher following the heavy losses sustained during the market crash on the fateful day of 12th March. But the persistent bearish pressure appeared to be outpacing the upward momentum.
Chainlink
Source: LINK/USD on TradingView
LINK has been one of the best performing altcoins during the 2020-rally. Following the market drop, it soon flipped bearish with its price witnessing a massive slump.
Resistance: $0.015, $0.018
Support: $0.0084
At press time, LINK was valued at $2.11, with a market cap of $738 million. Over the last 24-hours, the coin fell by 0.07% after it registered a trading volume of $196.8 million.
MACD: MACD indicator was bullish for the LINK token and suggested a positive turn looming.
Chaikin Money Flow: CMF indicator, on the other hand, hinted at a bearish trend for the coin.
Synthetix Network [SNX]:
Source: SNX/USD on CoinGecko
In its rather short life span, the Synthetix Network token has rallied significantly. As major corrections continued despite attempts of revival, this token was trading near its support.
Resistance: $1.03
Support: $0.42
At press time, SNX stood at a price of $0.556 with a market cap of $97.83 million and a 24-hour trading volume of $2,20 million. Over the last 24-hours, the coin sustained a minor loss of 0.87%.
ZCash:
Source: ZEC/USD on TradingView
There have been discussions surrounding the ZCash network’s new mining reward-distribution structure. On its price side, however, there isn’t much happening as bulls have failed to rise and make headway to the upside.
Resistance: $34.95
Support: $24.2
ZEC was valued at $29.59, at press time, after depreciation of 1.68% over a period of the last 24-hours. Additionally, the privacy token registered a market cap of $284 million and a 24-hour trading volume of $282.6 million.
Parabolic SAR: The dotted markers above the candles suggested a bearish trend for the coin.
Klinger Oscillator: KO indicator underwent a bearish crossover depicting a negative phase for the coin.