92 Interactions, 2 today
Following a sharp drop yesterday, a number of prominent cryptocurrencies showed indications of recovery. Some alts, in fact, were trading in the green as well. Trading volumes for most altcoins increased yesterday, indicating panic selling. However, trade volumes for LINK, TRX, and SUSHI all fell in the final three trading sessions before press time.
On its trading charts, LINK continued to show strong volatility, while TRX showed short-term bullish momentum. Finally, upon the announcement of Trident, “The Next Generation AMM,” SUSHI observed an increase in capital inflows.
Chainlink has increased by 6.1 percent in the last 24 hours, with the alt currently trading at $14.65. Since Bitcoin’s value dropped, the token’s price has been on a downward trajectory. LINK broke through major support levels of $15.14 and $13.80 to hang around the $13 mark, but the price quickly rebounded. To trigger a complete market reversal, LINK must now break through the $15.98 barrier level.
The Bollinger Bands showed a divergence, indicating that the price could rise or fall in the following trading sessions. In line with this, the Squeeze Momentum Indicator also indicated a squeeze release, which was accompanied by high market volatility.
At the time of writing, the parabolic SAR still showed a downtrend, with the dotted lines lined above the candlesticks. If LINK continues to make intra-day gains, this figure will improve.
TRX was trading at $0.053, up 5.7 percent from yesterday’s close. The bears in the market have become more active in recent days, pushing TRX to shattered key support levels one after another. Positive signs of recovery could be continued if the altcoin manages to stay above the $0.053 mark.
As TRX’s value began to rise in the last 24 hours, demand for it increased naturally. At press time, the Relative Strength Index had recovered from oversold territory and indicated rising purchasing pressure. Green signal bars appeared on the Awesome Oscillator, which flared bullishly.
The Average Directional Index was below 40, indicating that the current trend was weakening and that a new trading range might emerge soon.
SUSHI’s price volatility has been quite choppy lately. However, it has recovered from its weekly losses, with the coin now trading at $6.70, up 6.8% from yesterday. The currency appeared to be prepared for a bullish crossover followed by a short-term bullish run, according to the technical analysis chart.
At press time, the MACD had red signal bars, but if the price continues to rise, a bullish crossover won’t be long behind. As the Chaikin Money Flow surged north, well above zero, capital inflows returned to the market.
Finally, the Bollinger Bands mainly ran parallel to one another, with a minor convergence indicating that price levels would be in the same range in the near future.