After yesterday’s pump, cryptocurrencies have fallen into the red. Despite price corrections, Bitcoin’s reversal exerted pressure on other altcoins considerably. MATIC’s trading volume fell and its buying pressure depleted. Filecoin did not flash signs of increased volatility and lastly, Solana’s current price action could possibly witness a consolidation soon.
MATIC
MATIC/USD, TradingView
MATIC’s prices at the time of writing rested around the $1.01 level. If prices continue on the downward movement, the coin could trade below $1.00, the coin lost 7.5% of its value over the last 24 hours. The trading volume of Matic fell by 13.68% which explained the dip in buying pressure in the market.
Chaikin Money Flow showed that capital inflows dipped quite a bit. Bullish momentum faded and bearish signal grew on the MACD indicator as the coin underwent a bearish crossover today.
A weakened price trend was seen as Average Directional Index was spotted near the 20-mark. If prices remain around the same level, MATIC could again display trendless price action.
Filecoin
FIL/USD, TradingView
On a weekly chart, Filecoin recovered 8% of its lost value. The price volatility of FIL could remain stable considering how the Bollinger Bands remained parallel with a slight convergence at press time.
The Relative Strength Index pictured a sharp fall in buying pressure since yesterday, however, at press time, the indicator slightly rose suggesting buyers came back into the market slowly.
Squeeze Momentum Indicator indicated that volatility was low as the market entered a squeeze and also that if prices continued to fall, it would amount to a shorting opportunity.
Solana
SOL/USD, TradingView
Solana gained 13.1% over the last 24 hours; however, it followed the steps of other altcoins and registered a fall of 3.6%. At press time, the coin was priced $28.39. The coin’s movement post the recovery period of July 21 has been slow and steady, however, the bulls lost strength as the coin has rejected the resistance level of $31.
Relative Strength Index showed an upward movement, meaning that buyers came back to the market. Average Directional Index neared the 20-mark, which meant that Solana could again be entering a price consolidation and trade within a restricted range.
Bearish pressure was still quite present in the market, however, on Awesome Oscillator, the red signal bars declined in size.