Bitcoin’s price, having traded very close to the $50,000 level in the past 24-hour period, seems to have lost some buoyant momentum and is currently trading close to the $47,500 level in press time.
In sync with Bitcoin’s price behaviour, many of the market’s altcoins have also noted price dips in the past 24 hours. Common altcoins including Chainlink, Vechain, and Crypto.com Coin have also seen slight dips in the past day and are trading near to their immediate support.
Chainlinks’ price dropped by more than 7% and currently trades at $32.03 with a market cap of more than $13 billion. Although the last week saw a coin spike, the last day saw Connect experience a slight price correction. At a time when the coin trades close to its immediate support at $29, and if the bearish sentiment persists, Connect can need assistance from its second support at a price level of around $26.
The RSI coin indicator is now in the neutral zone after a substantial amount of time has been spent in the over-purchased zone. The MACD indicator has recently experienced a bearish crossover with a signal line above the MACD line – a typical indication that the price may soon be subject to a price correction.
Crypto.com Coin [CRO]
CRO saw tremendous bearish pressure in the past day, with the value of the coin depreciating by more than 8%. The coin is reportedly worth $0.084 and has a market cap of $1.9 billion. The coin is close to checking the $0.081 support. However, if a turnaround was to take place with the bulls back in charge, CRO would soon have to break the resistance level of $0.094.
The Bollinger bands have risen dramatically, suggesting an improvement in the volatility of the CRO market. However, the MACD indicator has experienced a bearish crossover signalling an upcoming decline in the price of the coin.
Vechain’s price declined by more than 4 percent, and now it’s trading at $0.05. The price of the coin is to test the support at $0.049 and, if that support is broken, a dip to the $0.043 level can be expected in the coming hours. However, if the bulls were to regain dominance, VET could soon be heading to try and crack the resistance at $0.056.
The EMA ribbon has settled below the current selling price of the coin and is likely to provide help. The RSI indicator has been tracked back from the over-purchased zone and is now going into the neutral zone.
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