As Bitcoin’s price dipped by 0.8% over the last 24 hours, the altcoin market also noted similar price actions. Most altcoins, despite relentless sideways trading, showed signs of a downtrend.
Monero flashed strong sell signals with a sharp dip in capital inflows while IOTA’s market capitalization fell by 3.52% with bleak signs of recovery. Finally, DASH might witness price reversal on the charts.
Monero [XMR]
XMR/USD, TradingView
Monero continues to trade within a range, but it also registered a fall of 1.5% over the last 24 hours. XMR was seen nearing its crucial support of $200. At press time, the crypto-asset was priced at $208.19, and if Monero’s price slumps further, then the alt would touch its nearest support level and subsequently, $186.50. At press time, XMR was losing momentum and it seemed to be only a matter of time till it touches the support levels.
The Bollinger Bands tightened further, at press time, indicating that steep price action was not on the cards. The Relative Strength Index registered a dip, hinting at a dip in buying pressure as sellers outnumbered buyers in the market. The indicator was under the 45-mark.
In correspondence with the same, the Chaikin Money Flow recorded a sharp dive, nearing the -0.40-level as capital inflows depleted significantly.
IOTA
IOTA/USD, TradingView
IOTA’s trendless price movement has finally taken on the path of moving downside as it lost 4.5% of its value over the past week and declined by 1.2% over the past 24 hours. IOTA lost momentum and was trading very near to its immediate support level of $0.75. A slight push from the bears would mean that it could break through the $0.68 support level too.
Interestingly, on the Chaikin Money Flow, an uptick was observed, marking an increase in capital inflows precisely as the price consolidated. The Average Directional Index highlighted trendless price action on the charts. However, at press time, the indicator had risen above the 20-mark, signifying recovery albeit with a presence of market weakness.
The Bollinger Bands noted a squeeze at the time of writing, highlighting that no steep price action can be expected over the upcoming trading sessions as market volatility remained low.
DASH
DASH/USD, TradingView
DASH was trading at $125.58, at press time, and if the price continues on a downtrend, then the alt can fall to the $110 support level. In case the price jumps up from $125.58, the alt could see resistance around the $146 level. At the time of writing, there was a strong sell signal to traders, especially with the asset preparing to near the crucial support level of $110.
The Bollinger Bands seemed to converge significantly, with few signs of market volatility. The altcoin’s downside movement can show signs of reversal, however, as on the Parabolic SAR, the dotted lines appeared below the price candlesticks.
Finally, on the Awesome Oscillator, bearish signals were visible at press time.