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With Bitcoin’s market dominance dwindling in the previous month, Ethereum has jumped on the bandwagon. In the recent week, the altcoin extended its market cap domination to 18.24 percent.
On June 7, the prices of Ethereum, Monero, and Chiliz fell by more than 10%, but they have been steadily recovering since. With Monero showing higher price rises, Ethereum and Chiliz were approaching their support levels.
Following the Bitcoin trend, despite Ethereum’s price drop on June 7, inflows for the cryptocurrency remained high. The largest cryptocurrency maintained its market domination with a ROI of +46 percent over the previous 90 days, however the ROI over the last seven days was down by over 11.48 percent.
At press time, ETH has held its position before trying the $2532 threshold again. The asset was trading at $2537 at the time of writing, but a bearish crossover might cause its price to fall. In such situation, the next level of assistance is $2340.
The Bollinger Bands for ETH converged, indicating that the altcoin’s price range and volatility have diminished. Furthermore, the asset’s Relative Strength Index indicated that, although being in the neutral zone, bouncing between 45 and 55, selling pressure was pressing in the market, as the indicator’s downtrend revealed.
Since June 8, the altcoin’s price has increased by around 18%. At press time, the asset was trading at $273 and was ranked 27 on CoinMarketCap, with a 19% 24-hour price increase.
Beginning on June 9, the price of Monero began to rise in tandem with cash inflows. The Chaikin Money Flow indicator remained above the zero-line, indicating that inflows outweighed outflows. However, the indicator’s downward trajectory revealed that cash outflow pressure was beginning to emerge at the time of publication.
Furthermore, the dotted lines underneath the candlesticks of the Parabolic SAR indicated a bullish momentum for XMR. Furthermore, the MACD lines have undergone a mild bearish crossing, which might cause the price to fall somewhat. However, because the crossing was not visible at the time of publication and the indicator remained above the signal line, a trend reversal appeared unlikely.
At the time of writing, the support level for Monero was $257.6, while the resistance level was $293.1.
Following the price decline on June 7 that resulted in an almost 20% reduction in Chiliz’s price, the commodity exhibited sideways price action with brief candlesticks and periodically challenged the $0.221 support line. CHZ was ranked 67 on CoinMarketCap and had a 7.16 percent seven-day price drop.
Bollinger Bands for CHZ showed convergence, indicating that the altcoin’s price range and volatility have decreased. At the time of publication, MACD lines had entered a mildly bearish crossing; nevertheless, the indicator had moved near to the signal line, which might have pushed the asset into a more dominating negative position.
Furthermore, the downward trend of the Average Directed Index (ADX) indicated a less directional market. As the indicator dipped below the 25 threshold, this might indicate that the present trend is fading. If the price of the asset falls further, it may test the support level of $0.221.