202 Interactions, 2 today
Bearish mood pervaded the broader market when Bitcoin plummeted by 9% and approached $32,000. While alts like Ethereum, THETA, and Filecoin clung to crucial support levels, they remained vulnerable to a steeper sell-off.
As Ethereum reached its important resistance level of about $2,900, a breakthrough was denied once more as sellers took control of the market. In reality, ETH broke south of an ascending triangle, marking a loss of 8% from the bottom trendline. While there was some support near $2,500, selling pressure might create another meltdown. MACD signalling a bearish crossing and threatened to go below equilibrium.
The Awesome Oscillator detected bearish momentum. A collapse might result in retracements towards the $2,200 level, or a more severe sell-off may push the cryptocurrency as low as $,1900. If losses remain above $2,500, a breakthrough over $3,000 is still possible.
THETA’s losses have been reduced to 8% in the previous 24 hours, as it appears to have found support at $8.27. Its movement was similarly contained inside its up-channel, since THETA’s anticipated range of $8 to $11 stayed unchanged. On the negative side, THETA’s indicators indicated multiple red flags.
The most recent downturn was corroborated by bearish divergence on RSI, but its descent was more concerning. A bearish twin peak setup on the Awesome Oscillator showed some approaching selling pressure as well. Loss of the channel’s bottom trendline might result in a 26 percent drop to the $6 level.
While Filecoin appeared to be preparing for its next upcycle after trading sideways between $95.5 and $85, a larger market drop threw a wrench in the works. On the 4-hour chart, FIL has fallen below the previously indicated channel and is heading towards the next line of defence at $75. Interestingly, the Stochastic RSI was approaching a bullish crossing in the oversold zone, suggesting that FIL might hold onto its press time support. At this level, the hourly timeframe even observed some bullish rebound.
However, negative momentum on Awesome Oscillator has been increasing, and FIL was vulnerable to another collapse. Buyers would most likely repay between $60 and $65 in such a circumstance.