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The cryptocurrency industry has been plagued with bearishness, with the values of different assets slowly falling. Despite the bearish turn of events, many altcoins have held firm and defied the common pattern.
In a single day, the Chainlink market has lost 9.48 percent of its worth. The price dropped from $31.55 to $28.56, but it sought help at $28.89 and has since stabilised.
LINK was trading at $29.27 at the time of publishing, but despite the price increase, the stock remained somewhat bearish. The Parabolic SAR indicators have aligned above the candlesticks, indicating that the stock is still going lower and that the market is still bearish.
The Relative Strength Index, on the other hand, observed that the sell-off forced Connection into the oversold sector, but as the market stabilises, the RSI has been heading towards equilibrium.
As the sell-off began, the Cosmos market lost significant support at $22.02. Its worth plummeted by 14% in 17 hours, from $22.37 to $19.19. However, when the sellers took a short break, the buyers moved the digital asset’s valuation higher, and it was trading at $20.72 at the time of publication.
The big price decline has resulted in an incredibly bearish ATOM market. The 50-day moving average has stayed well above the candlesticks, showing a significant decrease in its value. Whereas uncertainty has stayed strong, this may be a warning sign for asset valuation.
With the abrupt sell-off, the RSI plunged below the oversold mark. However, as investors flooded the market, the RSI value approached the equilibrium zone.
FTT Token [FTT]
FTT dropped 7.59 percent in thirteen hours, from $41.46 to $38.31. Following the sell-off, there was a time of retracement. While the rebound has raised its worth to $39.57, it has not reversed the bearish trend.
As selling pressure entered the FTT market, the RSI fell below the oversold region and stayed there for some time. The buyers were seen re-building the market and throwing the sellers out. The sector, however, lacks the momentum to turn bullish.
While the Awesome Oscillator confirmed the lack of momentum, the appearance of green bars can lead the market to become less bearish as buying momentum increases.